Nogger's Blog

26/11/15 -- US markets were closed yesterday for Thanksgiving - the day that Americans have off to give thanks for us inventing them. Trade resumes this afternoon in a holiday-shortened session. Many will still be away, so trade could be thin and a bit choppy.

Note that soybeans have already hit 50% of their target to regularly trade higher in both sessions immediately before and after Thanksgiving.

The UK economy grew 0.5% between July and September it has been announced today. That was in line with expectations and the 11th quarterly rise in a row, even if it was down from growth of 0.7% in Q2. The market doesn't seem to impressed by the news as the pound is down against both the dollar and the euro this morning.

The Buenos Aires Grain Exchange said that the Argentine wheat harvest is about 20% complete at 1.5 MMT, leaving their forecast for this year's crop unchanged at 9.5 MMT. Early yields are coming in better than expected, they said. Soybean planting is 43.2% done and corn sowings are 39.1% complete, they added.

Trade talk suggests that Russian grain exporters have suspended entering into any fresh contracts with Turkish buyers for fear of the former introducing some form of restriction on sales/economic reprisals following the shooting down of a Russian jet over Syria earlier in the week.

According to Rusagrotrans Turkey was the second largest buyer of Russian grain in Q1 of 2015/15 - beaten only by Egypt.