Talk that yesterdays sell off in the States was overdone supported US futures overnight. Volume on the physical side was also reduced and farmers and processors walked away from the market after the sharp decline on Monday.
Wheat futures were either side of unchanged with thoughts that the recent rain in the US may help but there will need to be significant follow up to stop further crop losses. With US wheat the most expensive wheat in the world thoughts that the recent slide may encourage better export sales out of the states this week was also a help and stabilising factor.

Black Sea values were stable overnight with offers to sell ranging from US$209 – US$210 / tonne FOB NTT. Buyers were trying to force prices lower pushing US$204 around but recent business has been done closer to the offer side and the market closed unchanged. The stronger rouble is pushing Russian values higher but we will not know how much higher until we see further business.
It should be noted that new crop offers are lower by around US$10 per tonne. This does not bode well for new crop values into that part of the world and shows without a big jump in the rouble or a production issue Russia will continue to be a thorn in the side.

China continue to import US sorghum, so far in March tonnage has totalled 243kt+. It’s all there in the USDA reporting system. Year on year exports to China are also comparable, 3.429mt vs. 3.438mt by this time last year.