The Morning Vibey Type Thingy

04/08/11 -- The overnight grains are drifting lower, with Tuesday's excitement nothing but a distant memory. As I type front month September corn is 6 3/4 cents lower taking it back under the USD7.00/bushel mark.

A less threatening US weather forecast appears to have got the market thinking that enough weather premium may have been built in for now. Linn Group came out with a corn yield estimate of 152.1 bu/acre yesterday, slightly lower than FCStone's 153.2 bu/acre released on Monday. Informa are expected to release their estimate mid-morning Chicago time today.

Egypt released another wheat tender last night, some reports appear to suggest that Russian origin isn't included in this one, we shall have to wait and see.

The global economic jitters saw Brent oil fall below the 100-day moving average this morning. NYMEX crude is also lower, and looking like testing the USD90/barrel level, it hasn't closed below there since 18th Feb.

This afternoon we have the weekly US jobless claims report and tomorrow the important nonfarm payrolls numbers, where the market is looking for an increase of 85,000 jobs last month. US unemployment levels were 9.2% at the end of June, any increase from that could cause a few fireworks.

The poor old Spanish PM has had to cancel his holidays in a bid to sort out their financial crisis. They are going to auction off EUR3.5 billion worth of bonds today to try and raise enough cash so that he can upgrade to a villa with an infinity pool and a Phillipino houseboy.

Talking of sex, the Italians sent their Economy Minister to Luxembourg yesterday with a note from PM Berlusconi to the chairman of the euro zone finance ministers, Jean-Claude Juncker, saying "stump up the cash four eyes or we'll tell the world about your wig" I understand from my inside sources.

The Bank of England announce their decision on interest rates at lunchtime today. If you don't already believe that I can see into the future, I'll prove it to you now. They'll leave them on hold.