At Chicago corn and bean futures were generally lower on the back of speculation on the size of the crops in S.America and technical positioning ahead of the quarterly stocks and planting intentions report due out on Thursday here.
Wheat came out of the session relatively unscathed, which was on the cards, after weekly US export inspection numbers were well back on trade estimates prior to the release. Goes to show how little impact past actuals can have on a futures market. The trade were generally focused on positioning ahead of Wednesday’s report.

China sold just over 1mt of wheat in another state reserve auction yesterday. This is the 11th auction this year in an attempt to lower feed grain values after a poor corn crop in 20-21. Dalian May 21 corn futures settles at 2673Y or roughly AUD$533 / tonne.
New crop sorghum out of Argentina was offered at US$216 FOB. Just for a comparison I find it interesting that Argentine barley was offered at US$265 up river, that’s a very big spread between sorghum and barley. US sorghum was offered at US$341 FOB Texas, significantly above the Argentine and Australian sorghum values.

Wheat out of the US PNW was bid at US$7.63/bu on average for 10.5% Club White Wheat. HRWW was flat at US$6.89/bu for an April lift while spring wheat was back a smidge to US$7.30/bu. Canadian durum was flat at an equivalent Newcastle price of roughly AUD$370 port.