Wheat, corn, soybeans, they are all lower at Chicago this morning. Wheat was hit hard again taking another dive with both CME products slipping over 10c/bu (AUD$5.50/t). Minneapolis spring wheat futures fell around 3c/bu on the May contract. Weakness in soybeans rolled through to a softer close in ICE canola. Paris rapeseed futures faired a little better putting on another E0.75c/t on the nearby contract while new crop Feb 2020 values were off E0.75/t. So all in all not a great night for grain futures.

On the physical market offers from the major suppliers of wheat were generally flat with some milling grades actually increasing in value a smidge. US wheat offers out of the PNW were fractionally lower while HRW offers out of the Gulf were actually a tad firmer.
This week we see Algeria and Bangladesh tendering for 50kt of milling wheat.

A quick look at 30 days weather maps around the world shows the US is in ideal shape heading into spring with only Texas and Oklahoma remaining a little drier than desired. Parts of the durum belt in Saskatchewan are also a little dry. Argentina is also in pretty good shape after a relatively wet summer. The SW corner of the Pampas is a little dry but generally speaking Argentina is looking good. In the EU the durum belt across the south of France and northern Spain is a little dry and Italy is a little dry but in the north conditions are much better than last year. The black soil in Russia is starting to look a little drier than average but the northern regions are good.