Wheat Continues To Pour Out Of Ukraine

Grain continues to pour out of cash-strapped Ukraine with Nov 1st wheat reserves standing at a fraction over 11 MMT, over 20% down on year ago levels, and 4.75 MMT less than two months previously.

You don't have to be Pythagoras to figure out that at this rate they will run out long before next season's harvest begins.

Against a backdrop of political uncertainty, farmers and trading houses alike are keen to export anything that isn't nailed to the floor. Quickly.

There's an election coming up in January, and the favourite is former president, and staunchly pro the East, Viktor Yanukovich.

"My foreign policy priority will be the restoration of a fully-fledged partnership with Russia," said Yanukovich at his campaign launch.

Anyone sense trouble?