We have a USDA report due out tonight but one can’t help but think it may be overlooked somewhat considering the commotion in outside financial and energy markets. US weekly wheat export inspections were back week on week but cumulative sales are still keeping ahead of the required pace to meet USDA expectations.

European winter wheat continues to look good with rainfall across much of France and Germany over the last couple of weeks well above average. Much of the NE of France has seen at least double the average rainfall for the end of winter with some locations see up to three times more, receiving 50 – 100mm.
With a big crop in the making it’s a good thing EU wheat exports have been strong. With marketing year wheat exports out of the EU & UK estimated at 21.2mt it represents a 70% increase over last year’s efforts. Barley has also seen year on year increases of about 60% with just over 5mt leaving the EU block.

Malaysian palm oil futures were dragged lower by the crash in oil prices and the C19 virus. This started the collapse in global oilseed values that ended with US soybeans shedding 21c/bu (AUD$11.69) at Chicago. Paris rapeseed was back AUD$8.70 for the Feb21 slot and ICE canola was back AUD$6.87/t.