News Snippets

Posted by Nogger - a legend in his own mind at 09:39 | Categorized as

03/09/12 -- There's no overnight Globex market this morning due to the Labor Day holiday, so today is already shaping up to be a bit of a non-event.

The results of the Saudi tender are out, and they bought 575 TMT of hard wheat, spreading the business around between the EU, Australia and north & south America for shipment between December and February.

Egypt also bought wheat over the weekend, taking 365 TMT of Russian, Ukraine and Romanian material for Oct. 11-20 shipment. Prices were around USD321-323/tonne, with US wheat well priced out at around USD40/tonne more than that. EU wheat wasn't even offered. Russia picked up the lion's share of the business with 240 TMT.

Bangladesh are tendering for 50 TMT of wheat, with the lowest offer reported to be USD344 CIF.

Ben Bernanke kept hopes of QE3 alive in his speech at the Jackson Hole on Friday afternoon, weakening the US dollar.

The Kazakh Farmers' Union estimate the grain harvest there at 11 MMT, versus the Ministry's figure of 12.5 MMT.

Belarus has harvested 8.7 MMT of grain off 96% of the planted area, according to the Ag Ministry there.

India says it's sold 250 TMT of soymeal to Asian buyers in recent weeks in the face of strong demand and high world prices.

Parts of the Midwest picked up 3-5 inches of rain over the weekend, thanks to the remnants of Hurricane Isaac.