Morning News

22/06/11 -- The overnight grains are mixed, London wheat has opened with November a pound lower, the euro has stabilised for now after the Greek government got their vote of confidence last night.

G20 agriculture ministers meet in Paris today and tomorrow to discuss rising food prices. Let's hope that they've taken their brollies as there's been heavy rain in northern France overnight and this morning. Paris has picked up 28mm in the past 24 hours.

The pound is down to just above 1.12 against the euro on the back of the Greek news. Considering that PM Papandreou secured only 155 of the votes in the 300-seat Greek parliament, you could hardly call it a landslide result. Getting EUR78bn worth of austerity measures through next week may be much more difficult.

This may be more of a temporary respite for the euro than a change in direction.

The overnight Globex market was mostly higher early doors, but has changed to red now. Europe is following suit with Nov London wheat now down GBP2.00/tonne and Paris wheat EUR2-3.00/tonne lower.

The Bank of England's MPC voted 7-2 earlier this month to keep interest rates on hold, according to the minutes of the meeting released today. The two dissenters wanted a quarter point hike.

Wynnstay have revealed record half year profits, and the Welsh lads might be looking to take on the lah di dah South Eastern "nancy boys" a give them a bit of a thumping in the car park round the back of the beer tent at Cereals 2012, I hear. Come on then, who wants it?