The Morning Line

Posted by Nogger - a legend in his own mind at 08:56 | Categorized as

21/06/11 -- The overnight markets are higher on the back of a weaker dollar and firmer crude oil prices. Wheat and corn are up around 6-8c with beans 8-10c firmer. NYMEX crude is USD94.60/barrel.

A little bit of pressure is off the euro ahead of the G20 meeting tomorrow/Thursday. No prizes for guessing what tops the agenda there.

The combines are rolling in Ukraine, with 35,000 MT of barley being cut in Crimea. Some news reports are suggesting that the Ministry increased their total grain production estimate to 50 MMT yesterday, 27% up on last season. Others say that they didn't alter their previous forecast of "over 45 MMT" and others that the official estimate is 42 MMT.

It seems that everyone in the Ministry is plucking a number out of thin air and chucking it into the ring if you ask me.

Russian spring grains planting is complete at 29.6 million hectares, only just short of the Ministry's demanding target of 30.2 million. Kazakhstan has planted 15.85 million, again fractionally shy of the 15.9 million forecast.

"Kazakhstan spring wheat prospects good and getting better with a wet forecast and moderate-cool temperatures. Meanwhile, Russian Volga crops are also in good shape, getting plenty of rain and enjoying moderate temperatures," say Martell Crop Projections.

Japan have apparently bought 300,000 MT of corn overnight, encouraged by the recent dip in prices.

Andy Murray morphed from being a useless Jock git at the end of the first set into a grand old British institution on Wimbledon's centre court yesterday I see. He's as British as fish and chips that lad and I won't hear a word said against him. Come on Andy....