Crude dives as spec money leaves, grains follow suit

A spate of bad news on the US economy and bearish crude stocks & usage data has set speculators scrambling to book profits after last week's record highs.

Crude is $126.65/barrel at 11.00am, down $2.23 on yesterday's close.

The sharp drop in crude over the last few days is spilling over into grains & oilseeds this morning.

At 11.00am eCBOT wheat was down around 9c, with corn also down a similar amount and soybeans down 3-4c.

London wheat is down £1.50 on old-crop July, but MATIF rapeseed is hardest hit shedding EUR10.00/tonne.