CEREAL TRADERS SEEK TALKS WITH ANDRIESSEN ON EMS
The European Community cereal trade
lobby Coceral has written to Farm Commissioner Frans Andriessen
asking for talks on ways of preventing their members losing
money as a result of future realignments of currencies in the
European Monetary System.
    In the text of a letter made available to journalists,
Coceral says some members suffered considerable losses on
contracts entered into just before the last realignment in
January.
    This was because of an unforeseeable increase in monetary
compensatory amounts (MCA's) for some member states, it says.
    Coceral estimates losses sustained by West German traders
who are its members at 8.05 mln marks.
    It says Andriessen should work out new regulations to
prevent a repetition of such losses as a result of future
realignments.
    A Coceral spokesman said problems had arisen when traders
importing cereals from weak currency countries into those with
strong currencies bought the weak currencies with which they
were to pay for the cereals forward.
 REUTER
