In US grain futures overnight moves were minimal with corn closing in the black while wheat and soybeans were generally a smidge lower. Chicago soybean futures continue to flirt with 1200c/bu but each time it threatens to break through this level of resistance selling pressure forces it lower. Technically soybeans have a chance to break through but the charts are now telling us that the March contract is quickly moving to be over bought, so any break above 1200c will likely need to happen soon or be short lived.
With the lower close in Chicago March SRWW futures were see the stochastic once again heading back to a more neutral position for wheat. This should probably be expected this time of year as the punters prepare for a few days off.

Fundamental support comes from the La Nina in S.America and the dry start to their summer crop program. Over the last couple of weeks much of the very dry regions of S.America have seen a little rain. In Brazil 7 day totals around 30 – 60mm were well received, time will tell if this is a case of too little too late for some crops. Argentina has also seen some nice falls across the dry northern states of Cordoba and Santa Fe. It must be time to harvest the wheat that didn’t die during the winter.
Still on the weather map at World Ag Weather, we see Russian winter rainfall is virtually non-existent across the NE regions of the Black Sea and the Volga Valley, the main wheat producing districts. The 14 day anomaly shows the Volga Valley and parts of eastern Ukraine receiving less than 20% of normal rainfall for this time of year. To the west in Europe all but Poland, which is very dry, appear to be having a dream run.