News Snippets

31/08/11 -- The Russian railway authority that put a temporary ban on transporting grain into the Black Sea port of Novorossiisk says that it will take a further 5-6 days to clear the backlog.

The Russian Minister of Agriculture now says that grain production there this season will exceed 90 MMT, without giving a specific figure. I told you that the sums didn't add up.

The dollar is firmer after the release of the minutes of the Fed's last meeting reveal that some of the Federal Open Market Committee were in favour of further QE.

The euro is higher on suggestions that the German Cabinet has approved plans to expanding the eurozone's rescue fund's powers and increasing its lending.

Libya has bought two cargoes of French wheat after the garlic-munchers un-froze some Libyan assets and handed them over to their National Transition Council.