• Brevity is the word! Today was supposed to be the day Russia clarified its intentions on exports but all we got was more rumour. Suggestions that an export tax as high as €100/mt on all grains – with immediate effect was probably the best of the bunch! Clearly, the impact of such a move would be the immediate cessation of all Russian grain exports. We would not recommend trading on the back of such a rumour bound market, await the facts.

• Reuters forecasting arm, Lanworth, issued its latest 2014/15 projections as follows:

World corn output 1,005 million mt, which is 13 million mt above the current USDA number.
World soybean output 320 million mt, which is 7 million mt above the current USDA number.
World wheat output 715 million mt, which is 7 million mt below the current USDA number.
World rapeseed output 70 million mt, which is 2 million mt below the current USDA number.

• They did highlight that their numbers may well change based upon planted acreage, which is highly likely to change due to fluctuations in commodity prices in current volatile times.

• Trade volumes are reducing to very low levels ahead of the holiday period, many are already on holiday and not planning to return until the new year. MATIF markets close at midday as does CBOT (local time).

• Thank you for all your support in 2014 and we hope you have a safe, happy and festive Christmas and a prosperous New Year.