The Morning Vibe

Posted by Nogger - a legend in his own mind at 10:29 | Categorized as

23/01/12 -- The overnight grains are higher after weekend rains in Argentina disappointed. Further moisture is however on the cards for today through to Wednesday.

London wheat has opened higher in sympathy, with Jan12 currently GBP2.00/tonne higher at GBP159.00/tonne - the highest for a front month since mid-September. Jan12 goes off the board today.

Greece didn't manage to get it's weekend deal sorted with private bond holders to accept a 50% haircut. Reports in the media over the weekend suggest that those playing hardball have a very good reason to do so - they are insured against a Greek default. So why accept a 50% cut in what you are owed? Let them default and claim 100%, what would you do with your money at stake and your own back against the wall?

Another development over the weekend is news of British, French and US warships entering the Strait of Hormuz. Luckily nobody invited the Italians.

China is taking a week off this week for Lunar New Year. Which they've thoughtfully named after MrsN#1. Happy Year of the Slapper. Sorry, that was a typo, it's Dragon.

Talking of typo's this is a good one: They're all at it