Early Vibe

Posted by Nogger - a legend in his own mind at 08:44 | Categorized as

22/08/11 -- It was a drier than anticipated weekend in the Midwest which sees the overnight Globex market up 8c on wheat, up 4-5c on corn and 3-4c higher on beans.

Crude is down on the back of ideas that we are entering an end game in Libya.

Heavy rain is in the forecast for the UK, especially the SE, starting tomorrow so get those combines out there today. Indeed a relatively unsettled week is in store for much of the country. Check out the latest Weather School video installed over the weekend on GrainPortal.com

Heavy rain fell in Germany over the weekend further hampering harvest efforts there.

In Ukraine the Ministry say that the grain harvest excluding corn has reached 34.1 MMT as of Friday, that includes 23.1 MMT of wheat - 2 MMT more than the USDA's latest estimate (although that may include 2 MMT of moisture).

I'd expect London wheat to open around GBP1.50/tonne firmer this morning with French wheat up around EUR3.00/tonne.