Same Sh!t, Different Day

19/09/11 -- Nov London wheat has opened GBP1.95/tonne lower in early trade, with the front month contract standing GBP14.95/tonne lower on the month so far.

The pound is back up above 1.15 against the euro as the Greek tragedy rumbles on. The FTSE100 is down over 100 points, or 2%, with the French and Germany stock markets falling around 2.5%.

The tough talking Greek finance minister says that the country has been "blackmailed and humiliated" according to the BBC. You wouldn't think he was desperate for a handout would you?

Meanwhile Greek Prime Minister George Papandreou cancelled a trip to the US to stay at home for cabinet crisis talks over the weekend.

Chancellor Angela Merkel's coalition partners the Free Democrats took a pasting in a regional election in Berlin yesterday in what appears to be German voter "poke in the eye" reaction to the government handing over large quantites of their cash to their reckless neighbours.

Suffice to say then that US Treasury Secretary Timothy Geithner's appeals for European unison on Friday have met with the usual response of just the opposite, against a crescendo of toys being jettisoned from prams.

The Fed stages a two-day meeting tomorrow and Wednesday where the market is hoping that Bernanke will announce further QE. If he does that could be swapping more short-term gain for long-term pain. How very fashionable.

With all this going on it's not surprising that the smart money wants out.