Overnight Markets - "Methinks Thou Doth Protesteth Too Much"
There isn't a lot of change in the overnight eCBOT markets this morning. As freight rates continue to rise, the Baltic Dry Index was up for the 17th day in a row yesterday, importers are coming in for cover before things get worse.
Japan bought 132,000mt of US, Canadian and Australian wheat overnight, the majority of which was US origin. South Korea are in the market to buy 165,000mmt of corn and 55,000mmt of soybean meal. Egypt are in for at least 55,000 tons of wheat.
China's Vice Agriculture Minister Wei Chaoan says that the government is confident of a good harvest in 2009 despite the drought, and that he doesn't anticipate a problem as the government has adequate supplies to counter any shortfall.
Ar you familiar with the expression "methinks thou doth protesteth too much" Wei? Is that burning smell your trousers or the wheat fields behind you?
Congestion at Australian ports may well redirect some shipping interest away from that region so the US and EU may pick up a bit of extra wheat business on that back of that.
A stronger dollar looks like capping any rally attempts in Chicago, not that this will help UK prices too much today with the pound about as popular as piles.
London wheat should find enough impetus from an ailing sterling to move a little higher.
Japan bought 132,000mt of US, Canadian and Australian wheat overnight, the majority of which was US origin. South Korea are in the market to buy 165,000mmt of corn and 55,000mmt of soybean meal. Egypt are in for at least 55,000 tons of wheat.
China's Vice Agriculture Minister Wei Chaoan says that the government is confident of a good harvest in 2009 despite the drought, and that he doesn't anticipate a problem as the government has adequate supplies to counter any shortfall.
Ar you familiar with the expression "methinks thou doth protesteth too much" Wei? Is that burning smell your trousers or the wheat fields behind you?
Congestion at Australian ports may well redirect some shipping interest away from that region so the US and EU may pick up a bit of extra wheat business on that back of that.
A stronger dollar looks like capping any rally attempts in Chicago, not that this will help UK prices too much today with the pound about as popular as piles.
London wheat should find enough impetus from an ailing sterling to move a little higher.