Weekly USA wheat export inspections were better than expected and underpinned moves in Chicago futures overnight. Wheat was pegged at 654kt, well above the average trade guess and 217kt better than last week. Corn and soybeans came in at about the trade estimate, 896kt and 670kt respectfully. Interesting to note that sorghum exports out of the US to China and Mexico for last week were also very strong at 73kt. Sorghum is offered FOB Texas at US$178.
Hard red wheat futures at Chicago moved higher while soft wheat slipped a little. This still leaves SRW at a 75c/bu premium over HRW. It may take a while for this to correct itself in the US. Basically a smaller protein crop is needed to rebalance the price sheet in 2020.
The volume is now in the May contract with March thinly traded prior to closing soon. Technically May HRW is oversold but turning positive after last night. With a WASDE due out on March 10th we should see further support leading the market to a more neutral position.
We don’t see the first of the USDA weekly crop progress reports out until the 6th of April.

Turkey announced a tender for 305kt of 13.5% milling wheat. Thailand are looking for a little feed wheat and Japan are in for 117kt of US, Canadian or Aussie wheat in their weekly tender.
Heavy rain was recorded across the northern catchment of the Volga river last week. The south east cropping area remains dry but good rain has fallen across much of the central and western cropping area. Crimea and Ukraine also look good. Temps are warmer than average.