Overnight/weekend developments

The Argy problems are ongoing, a bit like Everything I Do I Do It For You, I'm getting more than a bit fed up of this being the No 1 story now. If they're going to have a strike why can't they just do it & have a proper strike? Instead we have this poncey half-hearted shall we shan't we affair. Hand of God workshy cheating Argies. How do you know when an Argie is lying? His lips move. Look you've gone & got me started on the Argies now. Nurse where's my pills.

Right, for those of you who don't know the US was also closed yesterday for their Memorial Day hols so all you need to know is Friday's close & this morning's overnight market. Nearby beans were up around 43c Friday with the deferreds up around 25-30c. Beans are up a further 20c this am. Crude, Argies, weather/planting uncertainties. The USDA are out after tonight's close with their delayed planting progress report.

The other factor that is helping beans (& oil) this morning is speculation that China will reduce soybean-oil import tariffs from the current 9 percent to boost domestic supply. They have already reduced import tariffs on the soybeans to 1 percent from 3 percent until the end of September.

Corn was up 4c Friday and is up a further 4c this am, basically tracking beans & supported by crude plus planting progress uncertainties over the weekend.

Wheat was up 7c Friday and up a similar amount this am on concerns that NSW needs some rain to aid plantings there, although conditions in other parts of Australia are generally pretty good.

LIFFE feed wheat was also obviously closed yesterday. Friday nearby July closed down £2, with new crop Nov down £1.

Paris was open yesterday seeing milling wheat close with little change after November earlier fell to a fresh 10-month low for the recent move of EUR183/ton.

Showers fell over the weekend in some northern European Union wheat areas,which were seen as favourable for plant development. In response to last week's losses on the futures market, French standard grade wheat on the cash market for May-June delivery to the main port of Rouen yesterday was priced at EUR185/ton, down EUR3 from Friday. And wheat for August-December delivery was down EUR2 from Friday at EUR182/ton.

Crude is back up above $133/barrel on more Nigerian unrest. You'd think with all those "you my most loyal and trusted friend help me get $250 million out of my war-torn country because my husband's brother's cat has died" emails they send out, they'd have no time for any kind of militant action wouldn't you?