Morning Muse

Posted by Nogger - a legend in his own mind at 09:05 | Categorized as

14/11/11 -- Checking back through my sent items over the weekend I discover an email sent on the 9th September saying that there was some trade gossip going around suggesting the sale of UK feed wheat to East Coast US homes.

The rumour at the time was that business had been done out of both Tilbury and Portbury. Now we have the Portbury business confirmed I wonder if there are further sales out of Tilbury still to emerge? Out of interest Nov London feed wheat then was around GBP20/tonne higher than it is today.

The market looks set to maybe open a bit firmer this morning after the departure of Berlusconi over the weekend. He might be history but unfortunately for them Italy's debt is larger now than it was on Friday.

Last week's Italian auction of one year bills went well, but only thanks to the ECB, and they are due to have another one today. How long the ECB will/can continue to dig deep to shore up Italy is anyone's guess, but the implications of not doing so would be immense. And what happens when Spain also comes a calling?