US futures were generally on the positive side of flat today. Corn, wheat and soybeans saw little movement overnight as the market began to brush away coronavirus fears and step back in as buyers.

The global demand side of the equation for wheat isn’t too bad this week with a number of tenders announced or concluded. The US government was also in the mix with a wire reporting that although China hasn’t bought much since signing the deal they intend to.

South Korea’s Nonghyup Feed Inc issued a tender for 60kt of optional origin feed wheat, 138kt of corn and 60kt of soymeal. The South Korean flour milling association opened a tender for 166kt of Aussie or US milling wheat. The Korean Feed Association picked up 54kt of corn, most likely from S.America @ US$208.95 C&F. The fact US corn is not a load point option on this contract does indicate that US corn is still not the cheapest in the world even after recent losses.

The prospects of a good Russian wheat crop this year has FOB values in the Black Sea slipping lower. With 12.5% milling wheat now offered at US$218 per tonne and SovCon predicting a 83mt – 87mt wheat crop this year it’s a tough gig trying to talk Black Sea wheat values higher. Ukraine, although back from 29mt of wheat in 2019-20 is still expected to produce between 26-28mt this year.