London Wheat Surges To Fresh Highs

Posted by Nogger - a legend in his own mind at 10:41 | Categorized as

03/12/10 -- London wheat has me flipping back through the record books this morning after front month January opens GBP3.45 higher at GBP188.45/tonne. Not only is that a contract high, a close at that would be the highest since March 26th 2008. Which just happens to be my birthday!

The overnight Globex market now sees wheat up around 23-24c, posting gains of 75-85c since last Friday's close.

"There is clearly going to be a dearth of quality wheat available in the first half of 2011, with America looking like being the only volume long-holder," say Dow Jones Newswires today. I wonder where they read that? Oh, there it is just a bit lower down, says an observer.

There you go, you wait all this time then two free lunches come along in quick succession. They could at least call me Nogger rather than an observer, you'd have thought. Internationally renowned blogger, market analyst, divorce specialist and raconteur would be better, but I'd settle for Nogger.