Weekend News

Perhaps the biggest news for the grain markets emerging over the weekend was the Chinese announcing that they were to allow the yuan to appreciate, rather than remain fixed against the dollar.

That saw the local currency appreciate to it's highest levels against the US unit since it was revalued back in July 2005.

That saw commodities rise across the board on ideas that a strengthening yuan will see Chinese import continue to rise. Copper rose the most in a month, zinc is up 4.3 percent and aluminum rose 3.6 percent. Crude oil is at its best levels in more than a month, whilst eCBOT wheat, corn and soybeans are also higher.

German wheat featured in Saudi Arabia's monster 990,000 MT weekend wheat tender, although Egypt's poxy 120,000 MT tender went to Russia/Kazakh wheat.

EU grain have also opened higher, with rapeseed up EUR5 or thereabouts, correcting Friday's correction!