Market Snippets

Britain might be forced to stump up GBP7 billion to help bailout incompetent Greece, despite not even being in the eurozone, according to this report: You can sod right off

Indian wheat plantings have fallen behind last year's pace, according to official data. The planted area to date is 26.85 million hectares, down from 27.25 million this time last year. Plantings are normally completed by the end of this week, with last season's total area coming in at 27.84 million ha. The Indian government has been hoping for a 2% increase in area this season, but that now seems unlikely.

The Argentine wheat harvest advanced to 92% complete as of last Thursday, yields might be lower than earlier estimates after torrential rains damaged wheat crops as harvesting nears its end and flooded young soy plants, the Agriculture Ministry said. The soy crop is 92% planted and 89% of the corn crop has been sown.

The dollar remains under pressure following Friday's disappointing jobs numbers and the outlook for a prolonged period of very low US interest rates. The ECB are due to announce their latest decision on interest rates on Thursday, with no change expected.

The overnight grains are firmer on the back of the weak dollar, and ahead of tomorrow's USDA revised S&D numbers. US soybean production will probably be increased to 3.337 billion bushels, from 3.319 billion bushels last month, but corn output might be cut to 12.821 billion bushels, the trade estimates. Total US winter wheat plantings are expected at 40.501 million acres down from 43.311 million acres a year ago. Some fund buying in the grains pit was apparently evident very late on on Friday, ideas are that more might be in the offing this week.

Moroccan wheat imports decreased 41% to 2.1 MMT at end-November 2009, compared to 3.57 MMT a year earlier after the country had a much better domestic crop in 2009, Morocco's Exchange Office say.