Overnight Grain Markets
eCBOT grains are a little lower after some rain fell in Argentina over the weekend. Beans are around 8c lower, corn down 5c and wheat 1-2c easier.
US winter wheat in Texas is under threat from drought, as is wheat in China's Henan province.
Egypt bought 120,000mt French wheat and 60,000 US wheat in tenders Friday/Saturday, whilst Japan bought over 200,000mt US corn.
Rain in Argentina appears to have been scattered, rather than the widespread soaking many had hoped for. Latest estimates say 800,000 cattle have been lost on the Pampas.
There is some talk of a farmers strike in Argentina starting as soon as next week. That would certainly affect availability and probably push spot premiums higher.
The pound is sharply lower ahead of Thursdays anticipated half percent cut in rates from the BoE. It's nice to get back to normal with the pound isn't it? I feel a bit "weird" when it's going up!
LIFFE wheat has opened 50p easier, with MATIF around EUR1.50 lower.
Crude oil is around a dollar lower at $40.73/barrel as demand continues to fall.
And if you think unemployment is bad over here, a report out today suggests that 26 million migrant Chinese workers are now out of work as exports slump in the face of the global economic recession.
US winter wheat in Texas is under threat from drought, as is wheat in China's Henan province.
Egypt bought 120,000mt French wheat and 60,000 US wheat in tenders Friday/Saturday, whilst Japan bought over 200,000mt US corn.
Rain in Argentina appears to have been scattered, rather than the widespread soaking many had hoped for. Latest estimates say 800,000 cattle have been lost on the Pampas.
There is some talk of a farmers strike in Argentina starting as soon as next week. That would certainly affect availability and probably push spot premiums higher.
The pound is sharply lower ahead of Thursdays anticipated half percent cut in rates from the BoE. It's nice to get back to normal with the pound isn't it? I feel a bit "weird" when it's going up!
LIFFE wheat has opened 50p easier, with MATIF around EUR1.50 lower.
Crude oil is around a dollar lower at $40.73/barrel as demand continues to fall.
And if you think unemployment is bad over here, a report out today suggests that 26 million migrant Chinese workers are now out of work as exports slump in the face of the global economic recession.
