On Friday night stronger soy meal prices lent support to corn and other feed grain in the US futures market. Corn managed to regain around half of the previous sessions losses by the close.
Wheat futures at Chicago were mixed with soft wheat a little lower and hard wheat a little higher.
With funds looking to close out bean shorts we may see more support in the feed grain complex this week but the fundamentals for the northern hemisphere new crop remain more bearish than bullish as most major producers are experiencing very ideal spring conditions. The trade will gain direction from the weekly USDA crop condition report tonight.

Argentine wheat acres are being predicted at a nine year high. Rain that has been detrimental to the soybean harvest has soil moisture ideal for winter cereals and with the weaker peso giving most producers the best returns for wheat they have seen in some time acres are tipped to rise to 5.3mha almost 1ma larger than the 2015-16 crop. The area is still only an estimate though and we see Argentine and international trade guesses varying by up to 1mha at the moment.