Easy Tiger

Brace yourselves for this one, London wheat is up this morning. Indeed after opening lower it's turned the market completely and totally on it's head and soared to GBP0.25 higher. It has fallen the best part of an "Ayrton" in the past fortnight mind, so I guess that a bit of consolidation is well overdue.

The pound declining to a 12-day low against the dollar probably had something to do with it too. That came as Fitch ratings described the coalition government's debt challenge that lies ahead "formidable".

OK then, so who is going to be the first one to write that excessive rains might soon be hurting UK and French wheat?

I've made a few tweaks to my global production estimates today, increasing output in the UK, France, Argentina & Ukraine and reducing it slightly in Kazakhstan and Canada.