Nogger's Blog

18/03/11 -- The overnight grains are still bouncing higher, with the carryover of unfulfilled buy orders on corn sending the Globex market 25c higher again on nearby contracts. Wheat is up a similar amount, with beans showing a more modest 4c firmer.

I think that most traders will be glad to see the back of this week. One guy I spoke to yesterday said he hadn't slept for three days, fretting over his open position.

Brent crude is more than a dollar firmer at USD116/barrel as the UN approve the creation of a no-fly zone over Libya. I'm sure that Gaddafi will absolutely love that as he appeals to his people to stand united against the foreign infidel aggression.

The pound is down to 1.1440 against the euro, a level last seen on Bonfire Night as the market seems less confident that UK interest rates will rise in the next few months.

Japan's nuclear crisis still seems to be out of control, as if they're trying to put out a forest fire with a teacup. News this morning suggests that they are now considering covering the entire festering mess with sand and concrete. A bit like Blackpool but with lights that power themselves.

Reports are filtering through that incessant rains in some parts of Brazil have adversely affected yields and the quality of this season's soybean harvest. Second crop corn planting may also be under threat.

The major Brazilian port of Parangua was partially closed earlier in the week as mudslides caused by heavy rains blocked roads leading into the port, casuing tailbacks of up to 30km.

EU grains look set to open firmer at the end of an astonishing week.