Nurse! We Need Those Bed Restraints On Again

18/02/11 -- London wheat has opened with front month March down GBP4/tonne, dipping below the magic that is GBP200/tonne for the first time since 21st January.

The overnight Globex market is 10-12c lower and the pound sharply higher, both of which are putting pressure on UK grain.

French wheat is also down, although not by as much, currently EUR1-2 lower. Brussels issued export licences for 356,000 MT of soft wheat this past week, an improvement but still not enough to hit the USDA's forecast for the 2010/11 marketing year.