The US futures markets generally followed the path of least resistance. Soft wheat futures slipped further while spring wheat actually made a few gains across the board. The HRW contract saw some upside nearby but slipped in the outer months. Corn and soybeans were both softer. Beans lead both the ICE canola and Paris rapeseed markets lower.

The support in hard wheat came from news of a Saudi tender for just under 800kt of hard milling wheat. We should know the results to this tender by early next week. If the US feature as a major supplier it should go a long way to slowing the recent retreat in futures values in the USA.
Jordan has also put the hand out for 120kt of milling wheat, it is not uncommon for Jordan to present a tender, receive offers only to walk away without a purchase. The recent fall in global wheat values should make any buyer become a serious accumulator though.

US weekly wheat export sales came in at 536kt, this isn’t a bad effort but is not good enough to meet USDA projections.

Weather across Russia and the USA is as it should be. There is likely to be plenty of moisture to see the winter wheat off to a good start. There is good snow cover across most fields presently so it will possibly be another month before we start to see accurate projections.