Nogger's Blog

16/04/12 -- The overnight grains are lower across the board with beans 8-10c easier, corn down 6-7c and wheat falling 5-6c. Brent crude is below USD120 and the pound is up to its highest against the euro since September 2010.

The euro is under pressure on heightened concerns over Spanish debt, and so it should be as details of just how heavily the previous government cooked the books begin to emerge.

Slowing economic growth in China in also grabbing plenty of headlines this morning in what is already shaping up to be a "risk off" kind of a day.

Dark forces seem to be at work in May London feed wheat, which is now around EUR3.50/tonne more expensive than French milling wheat based on Friday's closing levels. On the last trading day of 2011 the differential between May 12 & Nov 12 London wheat was only £4.25/tonne, on Friday it was £21.60/tonne. Déjà vu anybody?

Many parts of the US Plains and Midwest got beneficial "heavy and widespread" rains over the weekend, according to WxRisk.com.

At home, the Environment Agency warn that the UK drought could last until Christmas. Environment Secretary Caroline Spelman says "it is vital that we use less water to protect the public's water supply." Right, I'd better go and drain the moat then, just as soon as I've filled the swimming pool up with petrol and panic bought twenty dozen first class stamps.