Bouncy Bouncy

Posted by Nogger - a legend in his own mind at 09:30 | Categorized as

16/03/11 -- After a couple of days of steep declines the market looks set for a bit of a rebound this morning, with the overnight Globex market up 25-30c on beans, 17-18c firmer on wheat and 5-10c higher on corn.

Nymex and Brent crude are a dollar to a dollar and a half firmer, and metals are mostly higher too.

The Nikkei rebounded from its biggest two day loss in 40 years to close 5.7% higher overnight, although the Japanese situation is very much ongoing. The BBC are reporting white smoke seen billowing from reactor 3 at Fukushima this morning.

It looks like European grains will open higher on bargain hunting and profit-taking from those who have been selling the market short in the past few days.

Japan has issued it's customary weekly wheat tender, although it's only shopping for 32,000 MT, not the 100-150 TMT it is usually looking for. Tunisia is also in the market for 25,000 MT of wheat.

Russian spring grain plantings are seen running a fortnight behind schedule whilst they wait for warmer weather to arrive.