The Morning Rant

Posted by Nogger - a legend in his own mind at 09:54 | Categorized as

23/09/11 -- After crashing and burning last night the bottom pickers are out this morning with grains attempting to stage a modest recovery led by Globex wheat.

Based on last night's closes we see CBOT wheat 54 1/2 cents lower on the week, with corn down 42 cents and beans falling 72 1/2 cents.

The weekly export sales from the USDA yesterday had wheat outperforming what was forecast despite the firm US dollar, whilst corn and soybean sales were towards the low end of expectations.

In addition CBOT wheat wasn't saturated with fund length as was the case for soybeans and corn in particular. Corn is bouncing back a little from support at USD6.50/bu this morning, although beans still trade in negative territory.

It looks like we may be in for a bit a pre-weekend consolidation with stock markets in London and on the continent showing modest 0.5% or so gains. For most traders I suspect that the weekend can't come soon enough.

In other news Owen Hargreaves has told the BBC that he felt like a guinea pig at Man Utd (here). Sir Alex says that's rubbish, they treated him well, organic broccoli, fresh straw every day, a new hutch and everything.