US grain futures were generally either side of unchanged in overnight trade. The weaker US dollar would have in theory though increased domestic values in the USA you might think but generally basis was weaker across the board. Corn saw considerable weakness in basis as demand continues to fall away on the back of the oil market. The better spring outlook for the US corn belt, warm and wet, also had the punters leaning towards better than average yield predictions.
Weekly crop rating for both the Kansas and Texas winter wheat crop improved. Technical selling saw wheat futures either side of unchanged but outer month HRW was firmer. The recent rally in wheat has the nearby contract overbought so don’t be surprised if there is some heavy selling just around the corner. The market was coming off a low base and we have outside influences to contend with, the water really is getting very muddy.
It’s possible that some of yesterday’s wheat rally was attributed to rumours that Russia is about to restrict wheat exports. Russia has restricted exports for many things this week but wheat is not one of them. Domestic values in Russia are at an all-time high thanks to the low ruble and this alone is helping to limit exports and keep grain inland.

Global tenders this week include 99kt of US wheat to Taiwan. South Korea are looking for 68kt of feed wheat and Thailand picked up 120kt of feed wheat.