Markets have all trended lower today in a follow through coupled with week-end, month-end and pre-Christmas profit taking whichever you wish to choose!

That said, the fundamentals are pretty much unchanged. There is little in the way of fresh news…… apart from China’s recent statistics reported on Reuters; a record 2012 grain harvest for a ninth straight year with total output up 3.2% at 589.57 million mt according to the Chinese National Bureau of Statistics. Corn reached a record 208.12 million mt (up 15.34 million mt), rice a record 204.29 million mt (up 3.28 million mt) and wheat at 120.58 million mt, the second highest ever. Good weather and better yields were cited as being responsible for the improved output, seemingly government subsidy and incentives also added some encouragement! (Writer’s cynical note – hmmmmm are they potential buyers?).