Morning Vibe

Posted by Nogger - a legend in his own mind at 09:00 | Categorized as

28/03/11 -- Once again new news is thin on the ground so far this morning. We still don't know if it was China, Japan or even anyone else who bought US corn on Friday. There are also reports around that another announcement on corn sales will be made when America wakes up later today.

With the clocks here having gone forwards an hour over the weekend, everything is "back to normal" with regards Chicago opening times, with a 15.30 BST start and a 19.15 BST end to the daytime trading session with the Globex market open from midnight to 13.15 BST.

The pound is down below 1.60 against the dollar, it hasn't closed under that level for two months. The weekend Sunday Papers assessment of George Osborne's budget, coupled with rising inflation and stagnant growth may have flushed some bears out by the looks of it, including this guy: UK: Death by Debt

The UK, northern France and Germany look like they are in for a decent and welcome soaking Wednesday, according to the BBC 7-day forecast yesterday. My part of North Yorkshire has received no measurable rain for the last eleven days.

In the US there is a chance of some net drying in the soggy Corn Belt and Northern Plains and some rain for parched Eastern Kansas, Oklahoma and Texas, say QT Weather.

Brazilian analysts Safras & Mercado peg the soybean crop there at a record 71.5 MMT, somewhat higher than many recent estimates.

The trade remains focused on Thursday's USDA planting intentions and quarterly stocks report.