The Morning Muse

Posted by Nogger - a legend in his own mind at 09:09 | Categorized as

26/05/11 -- The overnight Globex markets are firmer across the board, NYMEX crude is back up above USD100/barrel and even the euro is off it's lows.

There hasn't been a great deal of change weatherwise, potentially much warmer and drier is on the cards for the Midwest next week. You'd have thought that was a blessing but one bull comment I read was that there was concern that this rapid switch from spring to high summer may cause some harm.

The bulls are rampant, and EU wheat futures look set to open higher on the back of it. So here's a little interesting thought for you: Since news of the Ensus shutdown was announced new crop wheat has risen around GBP20/tonne whilst the price of crude has hardly changed.

The "Sold Out" signs came down in Ukraine yesterday, it seems that the shop next door may be about to re-open too.

The Russian deputy PM has said that a decision on whether to lift their export embargo could be made "within days". It's unclear whether that means to lift it when the existing June 30 deadline runs out, or if they may remove it even sooner.

Spring grain plantings are now progressing well with around 75% of the planned area in the ground, but cash for seed is tight and domestic prices have been battered well below international levels. The announcement that the export ban will be lifted at then end of next month may ensure that growers do that final push to get the governments targeted acreage in.

Japan has bought 157 TMT of food wheat spread fairly evenly between US, Canadian and Australian origin overnight. They're so courteous aren't they the Japanese.

Qatar are tendering for 100,000 MT of feed barley, Sepp Blatter is in line to win that tender as they owe him a couple of favours.