Monday Morning Roundup

Not a lot fresh first thing today, there is no eCBOT or CBOT today as it's Martin Luther King Day in the US.

Crude oil is trading however, and is slightly lower on the old chestnut of weak demand and bulging supplies.

It doesn't seem that Argentina got much in the way of drought relief over the weekend, with highs of 95-101 and only scattered showers. There's not much in the 24 hour forecast either (main soy area highlighted in red):

Brazil fared somewhat better, with more widespread showers and thunderstorms.

The Philippines bought 40,000mt Ukraine feed wheat as a substitute for high-priced domestic corn. Wheat imports are tariff-free, whilst there is still an import tax on corn.

Australian ASX March milling wheat is A$2 higher at A$288.50/tonne.

The pound is weaker after Alistair Darling announces throwing another estimated $100 billion at the UK banks, on top of the $250 already committed.

Personally, I'm all for poking the board of directors of the banks in the eye, and would like to volunteer my services to do so if asked.

The board at Lloyds TSB, for example, are said to be "resisting" the government upping their stake to 50% from 43%. I bet they are too, nobody likes to see their cash cow taken away do they?

Supervision and regulation aren't words that these boys are very keen on. But when you run around behaving like former Royal Bank of Scotland boss Sir Fred Goodwin, what do you expect?