Deal Or No Deal?

Posted by Nogger - a legend in his own mind at 11:25 | Categorized as

25/03/13 -- Cyprus apparently got it's 11th hour bailout deal, although fathoming out the exact terms of it are far from easy. The ordinary Joe in the street with less than EUR100,000 in savings is safe, we are told. What happens when Joe attempts to withdraw his EUR50,000 or EUR99,000 or whatever he's unlucky enough to have on deposit tomorrow, or whenever the banks finally do re-open, is unclear.

Joe doesn't give a monkey's about the Russian's with their mega deposits, reports suggest that they will lose at least 30% and possibly more than 40% of their cash - some tax dodge that proved to be!

Joe's money is "fully guaranteed" he's been told, so he'll be wanting it. All of it. At the first available opportunity. And Joe won't be the only one will he? He probably hasn't even stopped to think what he's going to do with it yet, first he wants it out, where he can touch it, and count it, and touch it again.

And Cyprus are potentially just the tip of the European iceberg.

In other news, Ukraine got 50cm of snow over the weekend, according to Agritel. That will put paid to spring planting progress which the Ministry have been saying was well ahead of normal up until now.

FranceAgriMer say that spring barley planting there is 64% done, up from 58% a week previously, but well below the 86% complete at this time last year. Winter wheat is rated 66% good/very good, the same as last week and this time last year. Winter barley is 67% good/very good, unchanged on a week ago and much better than 53% this time in 2012.

Russia's grain exports now stand at 14.05 MMT, down 36% on a year ago. The Ministry say that they may lower their 2012/13 full season export estimate to 14.8 MMT.

Indonesia are reported to have bought 30 TMT of Australian wheat at USD330 C&F for June shipment overnight. The Indians should take note.

With 85% of the soybean crop now harvested in Brazil's top producing state of Mato Grosso, yields in some areas of the state have been disappointing, according to the president of the Rural Society there.