Basically a technical night’s trade in the US as the punters get ready for the USDA WASDE report due out tonight. Market expectations are for bigger soybeans crops in South America. Most analysts are tipping Brazilian soybean production somewhere between 109 & 110mt, anything less that 106mt by the USDA would likely see soybean futures at Chicago rally quickly. The current February USDA estimate is 104mt.
There is also a good chance that corn production in Brazil will also be increased. Current estimates see the crop at around 93mt versus the February USDA estimate of 87.8mt. This may continue to put a cap on world feed grain values.

Wheat faired poorly in overnight trade with US markets softer on all three grades. The fall was said to again be mostly technical in nature with some punters unwinding spread trade with corn to help slow the downside.
Conditions in the US are a little dry in the wheat belt but at this stage nothing to worry about but at the same time worth keeping an eye on as there isn’t a lot of rain predicted for the wheat belt over the next couple of weeks.
In Europe and the Black Sea conditions are all but ideal with an early start to spring expected to see sowing operations underway a week or two earlier than normal.