The US markets were closed for Presidents Day, leaving the corn bulls with little to eat and global wheat markets somewhat directionless. Paris milling wheat found a direction in time, downwards, if in doubt sell it out. Nearby milling wheat futures shed €3.25, the May slot –€2.00 and the Dec 25 slot was down €2.50 / tonne. Paris rapeseed bucked the trend in milling and feed wheat futures, and gained €2.50 / tonne on the nearby, and €1.50 in the Feb 26 slot.

The rally in wheat on Friday was said to be from dry, cold weather in Russia but it was probably more to do with the weaker US dollar than anything. 7 day rainfall in Russia was light. Showers were seen from eastern Ukraine, NE towards the top of the Volga Valley and across much of the central Russian winter wheat belt. The lower Volga Valley and the region between the Volga Valley and the Caspian Sea missed rainfall. Falls in the major wheat areas were light, generally less than 10mm where they did fall. Temperatures remain cold across much of the Russian and Ukraine black soil country.

Argentina has seen some decent rain over the last seven days, too little (or too much) too late, potentially, but those looking to sow some winter crops in a month or two would be smiling. Much of the major winter cereal country saw between 20mm to 50mm with some parts of BA seeing up to 70mm. Temperatures in Argentina remain hot, but not excessively hot compared to the average.
Further north in Brazil rain continues to be an issue for those trying to harvest soybeans and sow summer corn. Falls have been heavy across the northern edge of the soybean regions but lighter to the SE.

The US hard red winter wheat belt has seen little rain over the last week, unlike the SE which has seen falls of up to 150mm for the week in Tennessee.