US grain futures, except spring wheat, were sharply lower overnight. Soybeans lead the row crops lower shedding 27c/bu (AUD$16.20) on the nearby contract. New crop corn faired a little better, increasing soybeans supplies from S.America continue to hurt US prospects.

The bulk of the weakness continues to be spill over selling from the stock market. There are some scary numbers coming out of the US stocks and futures session this morning, I mean as an investor, as a consumer one might think they could potentially be having a win when they read numbers like crude back 9%, diesel back 7.5% and petrol freefalling 22% in one day.

Back to US grains and the weekly exports data wasn’t all bad. Corn saw inspections at 978kt, that’s towards the top of the range the punters guessed prior to release. With the export pace where it is weekly inspections even at this level are unlikely to save further downside in corn though. Soybeans continue to be the red headed step child, exports are poor and prospects are poor, the US is simply struggling to sell soybeans with weekly inspections at just 435kt.
Wheat exports out of the US were 450kt, in the middle of trade estimates. Wheat was a little unlucky as news that the EU had reduced production estimates due to recent flooding in the north would have normally been considered fairly bullish.
Tunisia are looking for a load of durum, we should see the result of that tender this evening.