The Week So Far

22/07/11 -- In lieu of nothing much else to blog about today, here's a quick resumé of where we are on the week so far including overnight/daytime action this morning:

Nov London wheat down GBP2.25; Nov Paris wheat down EUR6.50; Nov Paris rapeseed down EUR9.25; Nov CBOT soybeans up 3/4c; Dec CBOT corn down 12c; Dec CBOT wheat down 6c; Sept NYMEX crude oil up USD2.11/barrel.

What that tells us seems to be that despite all the bullish rhetoric out there for US corn it can't seem to gather the momentum together to stage a serious move higher.

Despite a faltering EU harvest, and some voiced concerns about this week's rains leading to quality issues, French wheat is also struggling to hold faced with strong opposition from the Black Sea.

London wheat also looks too dear but isn't finding sellers with enough conviction to press the market significantly lower. Maybe this will only come once the wheat harvest is in, or at least well advanced.

Interestingly out of an entire open interest of around 15,000 contracts in London wheat almost 12,000, or 80%, are in front month Nov.

After a wet and unsettled week weather-wise things should improve over the weekend for many of us, although the east coast and East Anglia are likely to pick up any remaining showers in the offing.

Next week could be half decent for most of us which may get the combines rolling again in earnest, fingers crossed.