Morning Mumblings

14/06/11 -- Egypt are back in the market for wheat for the first time since February in a tender released last night. Russian/Ukraine wheat isn't on the menu, although all the other usual origins are. It will be interesting to see who wins and if anyone throws in the option of Black Sea wheat at a hefty discount just for the hell of it.

Japan are also looking for wheat in their regular weekly tender, although the quantity is higher than normal at almost 260,000 MT.

The overnight markets are mostly in the red, led by corn which is 10-12c lower on the back of the US crop being 99% planted according to the USDA last night. The idea that tight stocks or not corn is simply too dear relative to wheat for livestock producers may also have an influence.

London wheat has come in sharply lower, with Nov11 down GBP3.85 and front month July GBP6.00 easier. Nov has shed more than GBP22 in just over a fortnight, that's one hell of a diet isn't it? July is down GBP36 from the contract high set less than two months ago.

Paris grains are also lower, although not as much due to the weak euro.

Agritel say that all of Ukraine got rain over the weekend with 10mm falling in the south and 30mm in the east and north east. Meanwhile "abundant" rainfall is on the cards for central, southern and the Volga regions of Russia, they add.

At home, Unison leader Dave Prentis has called for "sustained strike action" if a deal can't be thrashed out over public sector pensions. The NUT and the Public and Commercial Services union are also flexing their strike muscles as austerity measures bite.

Unison have 1.2-1.3 million members, with the Telegraph yesterday reporting that the PCS, the NUT and another teachers union the ATL (Association of Teachers and Lecturers) potentially have a further 750,000 workers itching for more time off.

We're in for a second half of discontent by the looks of things.