Thursday Morning Snippets
The pound is under pressure again after BoE governor Meryn King's comments yesterday that a weak sterling was good for the economy. Merv even went a stage further by saying that he was open to more QE if necessary. Considering that Fitch ratings said earlier in the week than any further significant extension of the stimulus package might put Britain's AAA credit rating at risk, that certainly explains some of the current weakness.
The dollar isn't much better however. The Dow closed at a 13-month high last nigher after the Fed suggested that low interest rates are there for some time yet.
December gold is still on the up this morning, reaching a contract high of more than $1,122 an ounce.
Oil World says that the approval by the EU recently of three varieties of GMO corn, in an effort to allow imports of US soybean meal to resume, is unlikely to lead to a large-scale resumption of supplies until a fourth GMO maize type MIR604 from Swiss group Syngenta is also approved.
The grain harvest in Western Australia is off to a slow start hampered by rain. Farmer selling remains light due to unfavourable prices, accentuated by the strong Ozzie dollar.
Indian wheat futures are back on the up, rebounding from losses earlier in the week after the government suggested that they would finally release some wheat to local millers ate below market prices. Once again the government have so far failed to deliver on their promise, despite food inflation edging up to 13.68 per cent for the week ended October 31, from 13.39 per cent in the previous week.
The dollar isn't much better however. The Dow closed at a 13-month high last nigher after the Fed suggested that low interest rates are there for some time yet.
December gold is still on the up this morning, reaching a contract high of more than $1,122 an ounce.
Oil World says that the approval by the EU recently of three varieties of GMO corn, in an effort to allow imports of US soybean meal to resume, is unlikely to lead to a large-scale resumption of supplies until a fourth GMO maize type MIR604 from Swiss group Syngenta is also approved.
The grain harvest in Western Australia is off to a slow start hampered by rain. Farmer selling remains light due to unfavourable prices, accentuated by the strong Ozzie dollar.
Indian wheat futures are back on the up, rebounding from losses earlier in the week after the government suggested that they would finally release some wheat to local millers ate below market prices. Once again the government have so far failed to deliver on their promise, despite food inflation edging up to 13.68 per cent for the week ended October 31, from 13.39 per cent in the previous week.
