Slip Sliding Away

Posted by Nogger - a legend in his own mind at 10:19 | Categorized as

17/11/10 -- Chinese grains and vegoils continued to slide overnight with soybean futures closing down 3.3%, corn down 3.1%, soymeal down 3.9%, palm oil down 5% and soyoil down 4%.

Potential Chinese government intervention in the commodity markets has the market spooked, with year end only six weeks away there seem to be plenty looking to book profits whilst they can.

Despite fundamentals being largely unchanged, this might be a recurring theme for the remainder of the year.

Volatile currency markets may also encourage some to take money off the table until the dust settles a little. The euro is once again one of the major players in the unfolding Greek tragedy, with Austria saying that it doesn't fancy participating in a whip round to bail out the troubled EU nation.

Meanwhile Finland say that they are opposed to helping the Irish.

Think of a playground full of squabbling children and you will get the picture.

Ireland for their part still maintain that their Mum and Dad aren't getting divorced, their Dad has only moved over the road to live with that blonde lady whilst they have an extension built.

Meanwhile Portugal and Spain are selling the Big Issue outside the school gates.