The Early Vibe

Posted by Nogger - a legend in his own mind at 09:19 | Categorized as

30/06/11 -- Today has the feeling of being a big mover, the only problem is that until the USDA come out at 13.30 BST we don't know whether it's going to be limit up or limit down. So I guess that we'll just have to wait and see. Here's a note of what the trade is expecting.

USDA June 30th Planting Estimates:

























































Mln Acres
Avg Est

Range

USDA Prev

USDA 2010
All Wheat
56.67

55.00-57.60

57.70

53.60
Corn
90.77

89.50-91.50

90.70

88.19
Beans
76.53

75.50-77.19

76.61

77.40


USDA Jun 1st Stock Estimates:

























































Product
Avg Est

Range

USDA Jun10

USDA Mar 11
Wheat
0.826

0.791-0.878

0.973

1.425
Corn
3.302

2.998-3.515

4.310

6.523
Beans
0.596

0.549-0.632

0.571

1.249


In other news Ukraine has harvested almost a million tonnes of grain to date with yields averaging 2.86 MT/ha compared to 2.51 MT/ha at the same time in 2010.

India is hinting that it may withdraw its ban of grain exports and could be prepared to sell 2 MMT of wheat and 1 MMT of rice.

The pound is down to 1.1050 against the euro, its lowest since March following the Greek austerity vote and further hints from ECB boss Jean-Claude Trichet that a eurozone interest rate rise is imminent.

Greek Prime Minister George Papandreou must be looking forward to the weekend, he's got to get another vote on the second phase of the austerity package through today.

Drought, what drought? Leading SE grain merchant GH Grain are reporting on barley being cut in Ashford in Kent yesterday coming in over the weighbridge at a very impressive 7 MT/ha.