Chicago grain futures saw plenty of upside again overnight. Wheat, corn and soybean futures all closing in the green. Speculation around the ability of Ukraine to export current stock and to plant the next crop remain the catalyst for these moves.
Weather models for the US called for severe storms across the lower Mid-West, there is a chance these rains may miss the driest parts of the US hard red winter wheat belt and potentially the spring wheat regions though. Iowa is expected to get a much needed drink. While the Canadian Prairies looks likely to remain dry.
In the US energy prices pushed higher and stocks lower under the threat of higher interest rates and supply issues in eastern Europe.

India is said to be negotiating for the sale of wheat to a number of North African destinations, including Egypt. India confirms they have exportable stocks surplus to domestic demand and may help fill some of the void left by limited Black Sea suppliers. This should be interesting. Some analyst speculate that India may export as much as 4mt in coming months.

China offered about 525kt of state wheat reserves for auction last week and almost cleared the entire offer. These large domestic tenders are an attempt to keep domestic prices in check. Australian wheat is priced at US$295 C&F into China. This was around US$80 cheaper than Ukraine supplies prior to export suspensions being implemented. Russian wheat was almost US$100 higher than Ukraine stock while Argentine wheat was priced closer to US$500 C&F China. This still indicates that Aussie wheat is cheap and has plausible upside in the near term.