The Morning Vibe

11/05/12 -- Today has all the hallmarks of a thank God it's Friday let's all piss off early to the pub sort of a day. And it's lashing it down. Again.

The overnight grains are lower, with soybeans giving up around half of last night's gains. For corn we have the July contract sub-USD6/bu, having shed more than 20 cents this week to reside at its lowest levels in 14 months.

July CBOT wheat is now also under USD6/bu - a lifetime contract low. Things aren't looking too pretty for that with a large US new crop looming.

Nov 12 London wheat is GBP0.45/tonne easier to GBP148.05/tonne, it's lowest level since February, and to round off a week of market jitters we have news today of JPMorgan Chase revealing trading losses of "at least" USD2 billion and possibly USD3 billion. But what's the odd billion between friends eh? Billion shmillion, that's what I say.

Soybeans are finding it difficult to swim against the tide today, despite bullish fundamentals. China's Jan/Apr soybean imports are reported to be up 22.3% on the same period in 2011.

They will import 61 MMT of soybeans in 2012/13 the USDA said yesterday, 5 MMT more than they will buy this year and around a quarter of all the soybeans in the world.

Are they open yet?