Rumours China were making plans to purchase 10mt of soybeans, 20mt of corn and 1mt of cotton had the US markets firmer from the open. But without any confirmations both corn and soybean futures at Chicago slipped to close just marginally above the sessions lows. Some outside pressure was off the row crops as oil futures also climbed a few dollars, closing the session at US$16.78 barrel.
Weekly export numbers for US corn were also a bit disappointing at 671kt, well below the trade estimate. Soybeans borrowed some strength from oil and corn but as with corn weekly US export sales were disappointing at just 272kt and weighed on the market.
Wheat in the US closed either side of the line, HRW continues to struggle while soft and spring wheat did manage to close in the black. Thoughts the US may be able to capitalise on smaller Black Sea and European exports in the midterm were supportive but longer term it looking more and more likely the US will once again have to compete with Australia into Asia, it’s still a long way to go.

European wheat values were generally stable in overnight trade. Paris milling wheat futures for May were back E4.00 to E199.25 as nearby is rolled out for September. The Dec 20 contract was unchanged at E193 / tonne. Dry weather across the NW of France, Germany and Poland and also across much of Ukraine is becoming a concern.
Saudi Arabia announced a tender for 655kt of wheat to support domestic supplies. Germany and Poland continue to enjoy good export demand for their wheat and may feature in this tender.