Nogger's Blog

21/02/12 -- Well, the Greek deal has finally been approved although it comes bundled with so many caveats and conditions that Agrimoney are already reporting this morning that they "might severely dent its economy, besides scaring off investors, meaning a third rescue package might eventually be needed."

The euro is barley changed on the widely expected news. Most of the grains are a little lower in what seems to be a "buy the rumour, sell the fact" trade.

Elsewhere, Pakistan says that it (like neighbouring India) is expecting a bumper wheat harvest this year - somewhere in the region of 24 MMT. That will be it's third "bumper" crop in a row.

China says that it imported 4.61 MMT of soybeans in January, a 10% fall on January 2011.

The Russian Ministry say that the country has exported 19.8 MMT of grain in the 2011/12 marketing year to date.

The USDA's Outlook Forum on Thursday/Friday will report on what they think US farmers might plant for the 2012 harvest. Last week's baseline projections of 94 million acres of corn and 74 million acres of soybeans were made on data gathered in November. Out of interest, last season's Outlook Forum gave us 92 million acres of corn (pretty much spot on) and 78 million acres of soybeans (3 million too high).