Overnight market developments

The overnight eCBOT market is lower across the board as wave after wave of bad news hits the streets in what some are calling a financial tsunami.

Fundamentals, what are they, I'm not even sure if there are any fundamentals anymore. I'll have a look around as they day wears on & see if I can find any.

It seems that nobody knows what to do with their money at the moment. Gold? Crude? Asia? The Dollar? Nothing is safe. Certainly the idea of investing lots of money and government subsidies into alternative fuel from corn, soybeans, wheat and rapeseed doesn't seem like such a brilliant idea all of a sudden.

Who the hell came up with that one in the first place? Was it the same bloke who advocated sub-prime and Alt-A mortgages?

It seems that there may be some good to come out of all of this. Maybe, just maybe, the large spec money is disappearing from the grains markets and we can get back to trading on the fundamentals again.

For now, it appears that there may be some more spec money in grains to be taken off the table, which would almost inevitably point to lower short-term prices. Who in their right mind would want to trade this market unless they had to?

Beans are down around 16-17c and corn off around 6c "just because." Wheat is around 3-4c easier, it is viewed that there is less spec money in wheat.

Japan has cancelled today's tender to buy 55,000 metric tons of U.S. milling wheat as sales of tainted foreign rice sparked criticism of the ministry's handling of grain imports.