The Morning Vibe

23/11/12 -- There's not a lot to go on thus far, with the overnight electronic market closed and only a shortened open outcry session to look forward to this afternoon, an afternoon when many participants don't bother turning up.

Manly Angela Merkel tells us what we think we already know when she says that agreement at the end of the second day of meetings between EU leaders to thrash out the 2014-2020 budget are unlikely, as she strokes her beard and excessive armpit hair sagely.

The Mato Grosso Institute of Agricultural Economics (Imea) tell us that soybean planting is 95% complete in the northern part of the state, with the earliest beans expected to be harvested around the second week of January.

This afternoon we will get the USDA's one day delayed weekly export sales numbers. Corn sales are forecast at 250-500 TMT, with soybean sales of 400-650 TMT and wheat sales of 200-450 TMT.

Wednesday's USDA reported sale of 76,000 MT of soyoil to a combination of China (20,000 MT) and unknown (56,000 MT – said to possibly be India) is said to be the largest daily sale of soyoil in at least 6 years and will bring total sales for the year to over 80% of the USDA projection with 45 weeks remaining in the marketing year.

This afternoon's weekly shipment total for soybeans will also be of interest having hit a two year high of 1.8 MMT last week and topped 1 MMT for the seventh week in a row as US exports all get squeezed into the front end of the 2012/13 marketing year.

May 13 London wheat has opened GBP0.55/tonne easier at GBP220.50/tonne. Nov 12 London wheat goes off the board today.

God, I'm bored all ready....