There’s a USDA WASDE report due out tonight. The trade were generally concerned with squaring up prior to the report which saw continued selling in both wheat and corn futures at Chicago. Technically both wheat and corn are now heavily oversold and it wouldn’t take much in the way of positive news to bull things temporarily. Fundamentally it’s hard to see what could do that though, most production data is in and we are in the middle of the winter in the N.Hemisphere.
Weekly US wheat export inspections were generally pretty good at 524kt. This keeps the US export pace at roughly 12% ahead of this time last year and may result in increases to USDA export projections in coming reports.
Total EU exports are also very strong and come in at 17.5mt for the year to date, 73% ahead last year.

Looking around the world weather has been generally favourable with the US expecting to see some good rain across the mid-south and eastern two thirds of the country.
Western Ireland and Britain have seen some heavy rain causing flooding while the east of Britain and much of Europe have seen ideal conditions for much of the last 7 – 14 days.
There has also been some good falls across much of the Russian and Ukraine winter wheat districts. This has led to some analyst to increase Russian wheat production for 2020 to just under 80mt, something we don’t really need to see.