More technical trade and continued pessimism in regards to a China / US trade deal being struck dominated the main session at Chicago. Corn and soybeans were the products hit hardest dragging wheat lower by the close.
For soybeans talk that yields in Brazil were although lower than average, better than expected in some parts, was considered bearish. The Brazilian harvest is yet to get to the worst of the beans though.

Jordan finally found their cheque book and bought some wheat. They had walked away from a number of tenders leading up to this one as they couldn’t get a cheap enough offer. Obviously they have managed to pick the top of the market in the mid-term. The punters are saying that the price averaged US$269.95 CFR for 60kt of milling wheat.

Black Sea exports continue to satisfy both feed and milling demand across N.Africa and Europe. Ukraine corn exports are 44% higher than last year and their total grain exports could break 47mt. Wheat futures have been supported by expectations that Russia will curb export volume over the next few months. The Russian ministry is having regular meetings with exporters and the word is they have asked them to slow down, possibly halving the pace of the last six months. If the talk is not reflected in the export pace over the next two months it is likely to put pressure on world wheat values as we move through March and April.