Twelve Months Ago Today

The Paris March milling wheat future finishes up EUR8.25 at EUR151.50/tonne, and London May feed wheat also closed up strongly +GBP3.30 at GBP115.05/tonne on fund buying.

In the US March CBOT corn stood at $4.27 1/2, January soybeans at $10.14 1/4 and March CBOT wheat was at $6.43 1/2. Interesting to note that there isn't too much difference between today's prices and those of twelve months ago on corn and beans, but a significant change in the price of wheat.

Crude oil was USD49/barrel as the situation in Gaza worsens and the Russian gas dispute with Ukraine spreads to other nearby countries.

The euro is under renewed pressure, just a day after the single currency's biggest ever one-day fall against sterling, standing at 1.09 against the pound. Sterling was worth 1.47 against the dollar.

The Financial Services Authority (FSA) announces it is to lift the ban on short selling of financial shares in the UK.

Soybeans and corn in Brazil and Argentina are hurting from hot & dry weather. Even so Informa still peg Brazilian soybean production for 2009 at 59 MMT, and Argentine production at 51.7 MMT. Only 20 MMT out on the latter there!