Early Vibe

Posted by Nogger - a legend in his own mind at 08:16 | Categorized as

08/11/10 -- Vegoils continued to march higher overnight with Malaysian palm oil setting new 27-month highs and soyoil on the Globex market hitting its best in 26 months.

Strong Chinese demand and production problems in Malaysia and Indonesia following a La Nina-induced prolonged rainy season are behind the move.

Food commodities remain in demand with the price cotton up 54%, corn up 29%, soybeans up 22%, orange juice up 17% and sugar up 51% in the past 60 days.

It's been another dry weekend for US winter wheat on the High Plains, with temperatures soaring to an astonishing 20-30 degrees above normal and winds of 40-45mph.

Relief is however in sight, with farmers in these areas only having to wait another few days to see their best moisture since September, according to QT Weather.

"If the GFS is correct, rainfall will be heaviest (heavier than earlier expected) across a large portion of the HRW Belt ,as big changes are forecast for late this week. 1-3 inch rains are expected over Central Kansas and W Oklahoma on Thursday and Friday," they say.

The bad news though is that farmers in the driest areas of the SRW areas of the Ohio Valley will have to wait much longer for their rain relief, they add.