Nogger's Blog

21/02/11 -- Bored, bored, bored, bored. We don't half miss the Septics when they aren't around don't we?

Even the sight of London wheat falling out of bed again has failed to excite me today. It might not be too long before I can crack my "Baby, baby, where's all the two's gone?" joke though, so the thought of that has cheered me up a little bit.

Not cheering up anyone is the situation in Libya, however. Nymex crude is up above USD90/barrel and Brent over USD105/barrel on the back of that.

There were deaths and protests in Morocco too yesterday. The market seems to be struggling to decide whether this is bullish, bearish or neutral as far as grains are concerned.

Iraq are tendering for 100,000 MT of wheat to help try and ensure that it's own stocks stay buoyant. Who will want to sell it, and will they be in a position to take physical delivery when the time comes?

"Hello, is that the ships agency? I'd like to charter a boat to take 50,000 tonnes of wheat to a country possibly in the middle of a civil war whilst simultaneously shelling out hundreds of thousands of pounds in demurrage please."

When you look at it like that maybe this thing is bearish?