Quick Morning Vibe

07/09/11 -- The overnight market is higher in a one day delayed Turnaround Tuesday on a Wednesday sort of a way.

Egypt are back in the market again, issuing a tender for wheat after last night's close of Chicago.

Informa finally came out with their delayed crop production forecasts yesterday pegging soybean yields at 41.5 bu/acre, which is actually a tad more than the USDA's August number. Corn yields were estimated at 151.0 bu/acre, that's 2.0bpa lower than the USDA but miles above some other recent forecasts.

The harvest on the Canadian Prairies is said to be progressing well, despite crops their being late-sown after Mother Nature has decided to look a bit more kindly on the region in the past few months. In Manitoba the rapeseed crop is as much as 80% complete in some areas, with quality "average to above average". The wheat harvest is also said to be ahead of schedule particularly in the east and central parts of the province. Winter wheat planting is also underway with more acres likely to go into the ground than normal.

China are said to be overlooking US soybeans in favour of South America.

The German courts are today expected to give parliament there more of a say on any further German contributions to the eurozone bailout fund.