Is It Really Only Tuesday?

Posted by Nogger - a legend in his own mind at 10:11 | Categorized as

15/03/11 -- It already seems like it's been a very long week. Or maybe that has something to do with me working all weekend on yet another "last minute emergency" job?

The overnight grains were showing some sign of follow through stability early doors, but not so now. Once again the computer screens are a sea of red.

Globex wheat is currently around 10-12c lower, with soybeans down 7-10c and corn 2-3c easier.

Nov London wheat stands GBP4/tonne down, with Paris wheat showing losses of EUR4-5/tonne and rapeseed down around EUR5-6/tonne.

A third explosion has rocked the Fukushima power plant and the authorities there now say that radiation levels around it "have risen substantially above the legal limit".

The Nikkei 225 fell more than 10%, having been 14% lower at one point, adding to Monday's steep declines for its biggest two day fall in 40 years.

European stock markets are also feeling a few tremors of their own with the FTSE 100 167 points lower and the German DAX down 361 and the French CAC 40 down 148 points.

Brent and NYMEX crude are both down the best part of USD3/barrel.

Nervous grain longs are sweating like a dyslexic on Countdown. GBP200/tonne wheat wasn't the new normal after all it would seem.