Overnight Markets
eCBOT is firmer on a combination of a weak dollar (for once) and the ongoing drought in Argentina.
Wheat is around 4c higher, corn 2-3c firmer and soybeans up around 6-7c.
Australian wheat is now back above A$300, with ASX March milling wheat A$10 higher overnight at A$303.50/tonne.
Every cloud has a silver lining. And the US are rubbing their hands at the prospect of picking up some decent wheat export interest from Brazil in the months ahead. Brazil would normally be Argentina's biggest export home, but with the Argy's having a dramatically reduced surplus Brazil will have to look elsewhere for its supplies.
There are also some media reports circulating, officially unconfirmed, that Egypt has finally said enough is enough & will refuse Ukraine origin wheat due to quality issues for the remainder of the 2008/09 marketing year. This could be a little friendly for those with quality wheats to sell such as the US and France.
The pound has hit the dizzy heights of $1.4150 against the dollar as the greenback comes under pressure on ideas that US retail sales may fall for the first time in fourteen years in 2009.
Crude oil is around a dollar firmer at $46.75/barrel.
Wheat is around 4c higher, corn 2-3c firmer and soybeans up around 6-7c.
Australian wheat is now back above A$300, with ASX March milling wheat A$10 higher overnight at A$303.50/tonne.
Every cloud has a silver lining. And the US are rubbing their hands at the prospect of picking up some decent wheat export interest from Brazil in the months ahead. Brazil would normally be Argentina's biggest export home, but with the Argy's having a dramatically reduced surplus Brazil will have to look elsewhere for its supplies.
There are also some media reports circulating, officially unconfirmed, that Egypt has finally said enough is enough & will refuse Ukraine origin wheat due to quality issues for the remainder of the 2008/09 marketing year. This could be a little friendly for those with quality wheats to sell such as the US and France.
The pound has hit the dizzy heights of $1.4150 against the dollar as the greenback comes under pressure on ideas that US retail sales may fall for the first time in fourteen years in 2009.
Crude oil is around a dollar firmer at $46.75/barrel.
