The Morning Line

21/07/11 -- Talk is that Germany and France have found some common ground going into today's crisis summit in Brussels. Germany are going to have mainland Greece and France will pick up all the little islands. Except for Lesbos, nobody wants that. More here: Deal Or No Deal?

The overnight Globex market is mostly a tad firmer without getting too excited.

The UK rapeseed harvest is underway with early yields and quality coming in much better than expected my spies are telling me.

It's a similar situation in France where Agritel report that "sellers are numerous as yields are better than expected."

Not so in second time unlucky Germany, where the German Farmers Association (DBV) say early rapeseed yields are 15-20% lower and winter barley yields reduced by 10-30%.

Jordan bought 50,000 MT of hard wheat overnight at a price equivalent of around GBP188/EUR206 including freight, no surprise that Russia or Ukraine is the most likely origin for that. Iraq is tendering for 100,000 MT of optional origin wheat.

Russia has increased its 2011/12 grain export forecast to 18 MMT.

Chinese customs data shows June soybean imports at 4.3 MMT, down 31% on June 2010. This brings the year-to-date total to 23.71 MMT, 8% down on Jan/Jun imports in 2010.