Chicago wheat futures closed sharply higher again overnight, this is indeed something historical we are watching.
The March contract, although now very low in volume, settled at 1425.25c/bu. A price most US producers would be happy to get for their soybeans year in year out. The May22 slot for soft red winter wheat at Chicago opened limit up, +85c/bu, at 1294c/bu and closed there. Extended limits will apply tonight so best fasten your seat belt.
The USDA March World Ag Supply and Demand Estimates report is due out on the 9th US time. How’d you like that job this month. I’m not 100% sure the trade will take much notice of this data given the current situation. The April data could be interesting though.

Tunisia are back in for 125kt of wheat and 100kt of barley. Algerian tender results are not made public but the trade estimate between 300-500kt of wheat was acquired in Sundays tender. Egypt is said to be in negotiations with the EU regarding wheat supply. Egyptian wheat reserves are estimated at 4.2 months according to the government officials in Egypt. Jordan walked away from their 120kt wheat tender, the markets were a little too hot. China rumoured to have made a large soybean purchase from the USA after weeks of rhetoric regarding their ability to increase local production.
Taiwan are also in for 48kt of milling wheat from the USA. Results due at the end of the week. US weekly wheat export volume was not great.

Russia is said to be attempting to pay foreign bills in roubles, fundamentally defaulting on payments now, as their currency in basically worthless outside of their borders and they are running out of ways to access US dollars. Are we about to watch the first digital currency take over ????