Morning Vibe

Posted by Nogger - a legend in his own mind at 09:29 | Categorized as

02/03/11 -- The overnights are mixed with beans around 13-14c higher, corn up 1-2c and wheat flat to down 4c.

Wheat seems to be lower on the back of an improved weather outlook for US and Chinese wheat.

Some much needed precipitation may be on the cards for America's parched top wheat producing state. "Kansas may finally get wet, with the 7 day outlook hopeful for rain," according to Gail Martell of Martell Crop Projections.

It could certainly do with some help. Kansas Agricultural Statistics Service reported on Monday that 40 percent of the wheat in the state is in poor to very poor condition, with only 25% rated good/excellent (only 2% of that was excellent).

Meanwhile decent weekend rains cut the area of Chinese wheat affected by drought by two thirds to 2.5 million hectares.

Beans are up on rains hampering harvesting in Brazil it would seem. Surely that is just delaying the inevitable record crop? In fact Celeres report that the harvested pace - 19% as of Friday - might be behind last season, but it's above the five year average (15%).

There aren't too many changes on the currency front so far, with the pound settling around 1.6250, having broke above 1.63 for the first time since Jan 2010 yesterday.

In the UK demand from compounders is lacklustre. There are soya hulls offered back on resale in both Liverpool and on the Humber if anybody wants any. Spot citrus pellets traded GBP182 ex Liverpool yesterday. Potentially got imported sugar beet pellets ex Liverpool and/or Humber to do and maybe some spot wheat distillers meal on a delivered basis POA. The odd load of corn gluten ex Liverpool and Humber available too. Also Brazilian soya pellets ex Liverpool and hi-pro soya ex Humber.