March futures contracts closed out last night so don’t take too much notice of March values today. May futures at Chicago saw gains for both SRW and HRW, corn also saw some upside while soybeans were flat.
HRW futures found support from drier than desired weather in western Kansas. There is also some talk of low temperatures over the weekend on some market wires but I can’t find the weather model they are looking at it all seems to be pretty warm in the forecast where ever I look.
Joining the list of currency players is Egypt who decided to reduce the value of their currency against the US dollar by 14% on Monday. I’m not sure what the play is here as they, as a net importer of food. From the outside you might think they would have been better off with a stronger pound. Considering most of their purchases of late are from the Black Sea maybe they are simply looking to bypass the whole USD exchange rate facade anyway. The rumour is they have no US dollars to buy anything with anyway, which is basically the reason for the adjustment, to attract USD into the central banks and off the black market.