Dive, Dive, Dive

15/03/11 -- Underwater might be the safest place to be as the grain markets spectacular decline continues this afternoon with CBOT wheat down 40-50c, beans around 50c lower and corn at or around the daily 30c limit down.

In Europe, May London wheat stands GBP10.50 lower, with front month Paris wheat down EUR14.25, corn down EUR16.50 and rapeseed falling a stunning EUR23.25 as of around 15.30 this afternoon.

How many articles did you read on the way up that said "speculators aren't to blame for soaring grain prices?"

Funny then that spec money exiting what has suddenly changed from being a "nice little cushy investment" to a "risky asset" is responsible for such a stunning capitulation.

If wheat really was worth GBP200/tonne then we'd now have a queue of buyers all the way round the block wanting to book it wouldn't we? Instead we have none whatsoever.