Early Thoughts

28/02/11 -- Fresh news is a little thin on the ground this morning. China got some decent rain/snow over the weekend, which may have improved the outlook for winter wheat there Weekend falls ease drought.

Saudi Arabia bought 275,000 MT of wheat over the weekend, mostly from the US.

Argentina will be dry for the next ten days whilst Brazil remains overly wet, say QT Weather.

The pound is up against both the dollar and euro, but nobody seems to know why. London and Paris wheat open a little easier.

Australia's wheat stocks at the end of January are 30% up on a year ago at 22 MMT, according to the Bureau of Statistics there. After the bumper harvest in the east, NSW has the highest stocks holding 35% of the nation's wheat.

ABF say that its interim results will be in line with market expectations.

Glencore are said to be considering the largest ever London stock market flotation, according to the Times.