The Morning Vibe

06/01/12 -- Yes folks, you know the old saying "New Year, New Let Downs By Virgin Media." The long haired dyslexic O level deficient hippy is once more getting my goat this morning. Suffice to say that anyone emailing me today may have to wait some time for a response. Bastards. What use is it owning your own island when you can't even make your email service work?

Elsewhere I see that the overnight grains have rebounded a little this morning, partially recovering some of last night's losses. London wheat has followed suit opening a pound or so firmer, with Paris wheat up a euro or two.

Egypt are tendering for wheat today. Having shared the spoils with Russia and Argentina in the last tender it wouldn't be a huge surprise to see French wheat do even better than that this time round given the weakness of the euro.

The Buenos Aires Grain Exchange seem to think that drought came too late to be a problem for wheat production there. They've just increased their forecast for Argy wheat production this season to 14 MMT from 13.6 MMT as the harvest winds down at 93% complete. Soybean planting is 85% done and 83.5% of the corn crop is now in the ground, they add.

Cargill says it will permanently close its Des Moines soybean crushing plant next month, citing overcapacity in US production of soymeal, I hear.