Early Vibe

Posted by Nogger - a legend in his own mind at 10:03 | Categorized as

30/12/10 -- There's very little in the way of fresh news this morning. Some are suggesting a bit of much needed moisture for the US Great Plains, which explains a bit of weakness in wheat overnight.

There may be a better chance of some moisture relief on the cards for parts of Argentina too, according to some reports. Even so soybeans are around 6c higher overnight.

Profit-taking may be a feature today/tomorrow, although the vibe is a generally relaxed one that long holders feel comfortable enough to run their positions across the weekend. Indeed, although Friday is a shortened session for all the grains most of the markets are open again on Monday anyway, so apart from us here in the UK it's really not that much different to any other weekend.

One of the big unanswered questions is what will the funds fancy doing when they return in the new year?

In the UK, those that have taken the full festive period off will return to see many feed prices GBP10-15/tonne higher than the ones they didn't fancy paying just before Christmas.

There doesn't seem like there will be too much in the way of price relief in January either, especially if the pound goes for a bit of a burton* as I expect. Still there's always the cricket....

* Gone for a Burton definition from Wikipedia here