Early Vibe

Posted by Nogger - a legend in his own mind at 08:45 | Categorized as

Like me the market is about to go for a dump11/03/11 -- Having switched the PC on this morning fully expecting a modest corrective bounce, my flabber is gasted to see virtually another entire wall of red.

If corn ends lower again tonight it would be it's sixth straight day of losses. With Mar currently standing at USD6.74 1/4 on the overnights the front month has lost 55 1/2 cents since that run of bad luck started.

Having staged a lone stand last night, beans have lost those modest gains and then some, and are bathed in red again this morning. Mar beans are down 72 3/4c since Friday night's close including this mornings declines. But even that is eclipsed by Mar CBOT wheat's fall from grace - down 86 1/2 cents since the end of last week.

Brent and NYMEX crude are both down a dollar to a dollar and a half this morning.

The US dollar has firmed this week, which hasn't helped US grains, after rating downgrades for Greece and Spain and increasing turmoil in the Middle East prompting a flight to safety.

China's trade deficit announcement yesterday coincided with news that their Feb soybean imports slumped by more than half last month to just 2.32 MMT.

That decline can at least partially be blamed on the Chinese New Year celebrations, although the figure is also down 21% on last February.

I'm out for much of the day today, and as it's been dead all week I don't suppose that I'm going to miss much. As far as London wheat is concerned, I've packed all the 2's away and put them back up in the loft. They're next to my old 28in waist jeans and my "Everton League Champions" flag. I wonder which of those will be the next to see the light of day!