Technical support found US grain futures pushing higher in overnight trade. Technically both corn and wheat are now very oversold and although it’s not a guarantee for a climb higher we may see values struggle to push much lower unless we see some bad fundamental news come out of the market. Anything like a big Black Sea sale, a lack of Chinese purchases from the US, so I guess there is still a little scope for downside just yet but technically we have found support.

We have the WASDE out on Wednesday our time, the trade are not expecting much given the time of year and much of the northern hemisphere production is well known. A tweak here and there to the demand side is likely but at this stage no one is expecting this month’s World Ag Supply and Demand report out of the USDA to be market shattering.
Turkey issued a tender to buy 250kt of wheat and 50kt of durum, results are expected to be in around the 18th.

Some of the pics and videos coming out of China are amazing. Whole cities basically shut down with little to no car activity or people moving. These are cities with millions of people. It’s hard to comprehend. One wonders, is the coronavirus really is this serious or is the Chinese government simply using this as a test case for a possibly worse scenarios in the future. Someone asked me yesterday “do you think this is a manufactured virus”, now I’m all for a good conspiracy theory but that one is pushing things to the limit, maybe.