The Early Vibe

01/05/12 -- The French are off today, so we can say what we like about them. With large parts of Asia and Europe closed it looks like a thin no news sort of a day so far in what seems to be shaping up as a mini Turnaround Tuesday.

The overnight grains are lower. Surprising the market was corn plantings surging ahead last night to 53% complete after US growers planted a quarter of the crop in a week.

That seems to be weighing a bit on the market this morning, although it doesn't alter old crop availability, or lack of it, one iota.

No sooner did soybeans close above USD15/bu than they are back below that level this morning, although I have a feeling that this rally isn't over yet, there's an entire summer weather market to get through before we can breathe a sigh of relief.

New crop Nov London wheat has opened GBP1.00/tonne lower in what seems sure to be an unspectacular day. Yawn.