The Lunchtime News

20/06/11 -- Jordan is tendering for 100,000 MT of wheat and a similar quantity of barley. Just like it's namesake, pictured, the Middle Eastern country isn't too picky - meaning that Russia might get the nod on that one if it sharpens the old pencil. It did miss out to Ukraine wheat to the tune of USD15/tonne mind the last time there was an any origin tender kicking about.

China's portside soybean stocks are now running at a record 7 MMT, according to one report I read this morning. Looks like they are still using soybean imports as a way of getting cheap and quick loans then.

The July/Nov London wheat spread currently stands at just GBP0.50/tonne by late morning, two months ago to the day that was GBP37.00/tonne. Looks like we aren't going to run out of wheat after all.

The net volume of corn futures traded in Chicago has reached the equivalent of an astonishing 4.5 billion tonnes during the first five months of 2011, more than five times the global crop.

Or if we put it another way, it is now "normal" for a volume equivalent to the entire annual world corn crop to trade each and every month in Chicago.

And that doesn't include options trade, if we throw that in then we get the equivalent of 6 billion tonnes or almost seven times world production. In less than half the year.

Speculators and index funds aren't driving world markets though, so be told will you. That's all bona fide hedging that is.

You don't normally see these figures reported in millions, or in this case billions of tonnes do you? I think they do that to confuse us. "Funds sold an estimated 50,000 corn contracts last week," they tell us. And we go, yeah erm, that sounds quite impressive, but 50,000 isn't really that big a number is it? "Funds sold an estimated 6.35 million tonnes of corn last week" makes you sit up and pay a bit more attention though doesn't it? And they're both the same thing.

Wimbledon fortnight is upon us. Another chance to see if Andrew Murray is the pride of Britain or a useless Jock git. I know where my money is going.

That of course can only mean one thing, rain. And I for one am starting to get fed up with it already. Which reminds me of the time I came home from work to find MrsN#1 waiting on the doorstep about to take the dog out for a walk in the pouring rain.

"Thanks for this nice new cagoule that you bought me for my birthday, darling," she said. Little did she know it was supposed to be a four man tent to take the kids on holiday to Abersoch with. Bless.

And talking of #1, and Jordan at the same time brings to mind the fact that she was always going on about her breasts being different sizes and what did I think. As if I was interested. I used to just say "put a sock in it will you."