The dollar is flat, US futures are flat, the battery on my bike is flat. Things are less than interesting today. At least the market has digested the USDA report now and beginning to focus on other things, like a lack of export demand for US wheat.

French wheat exports are expected to fall 43% year on year to just 11.91mt to both outside and EU members. The non EU member business is expected to fall a massive 63% year on year to just 4.7mt. The last time France saw a number anywhere near this was in 2007-8.  Both quality issues and yields will hurt French export hopes for 2016-17. Only 24% of the French crop achieved better than 76TW. French durum wheat did not escape either, exports are expected to fall 34% to just over 900kt. Exports of durum to non EU members will be slashed by up to 70% to just 150kt.

The other big news in the grains industry this morning isn’t to do with marketing but is all about the Monsanto / Bayer merger. The US$65Bn takeover is the  biggest ag deal this year. The deal eclipses the US$36Bn merger of fertilizer giants PotashCorp and Agrium earlier this week. As expected the CEO’s of both Bayer and Monsanto are telling the world how good it will be for the farmers and how they will tackle everything from seed to chemical. The next hurdle is regulatory approval, as if that cog hasn’t been greased.