The Chicago wheat market did not see the volume it did the day prior. The punters hit Tuesday’s market hard with volume reaching over 158,000 contracts for the session, that’s 21,553,960 tonnes in one session. Last night was reserved in comparison with a healthy 86.16k contracts or 11,718,304 contracts changing hands.
Much of the speculative positions was said to have been eliminated in the prior session. Technically we see nearby SRWW at Chicago still oversold.
As we move into March / April and the winter thaw period in the N.Hemisphere we usually see an increase in market volatility around the May contract, the silly season. For those game to forward contract or take out swaps for wheat this is often the time that opportunity is presented. For the mere common producer, which is about 99% of growers after the last two years, it is time to watch who’s crop is coming out of the winter in what shape and use that to determine wheat variety or what other commodities might pay.
The southern Volga Valley has seen some very low temperatures overnight with -17C recorded and many locations seeing between -10C and -15C. This is low enough to cause a few problems for crops with limited snow cover. This is the third night in a row of very cold conditions that kicked off on Monday with temperatures dropping as low as -32C around Saratov.

The big winners in overnight futures were Canola and Rapeseed. Paris rape was up E6.75 a tonne on the nearby on tighter EU stocks.