Crude oil futures bounced, oilseeds were firmer and grains followed.

• Chicago wheat May contract up US3.5¢/bu to 522.25¢;
• Kansas wheat May contract up 3.75c to 444.75¢;
• Minneapolis wheat May contract down 2¢ to 518.75¢;
• MATIF wheat May contract down €0.50/t to €178/t;
• Corn May contract up 4.75¢/bu to 377.5¢;
• Soybeans May contract up 6.25¢/bu to 876.25¢;
• Winnipeg canola May contract up C$5.60/t to $460.90/t;
• MATIF rapeseed May contract up €2/t to €370/t;
• Brent crude May contract up US$2.86 per barrel to $37.22
• Dow Jones index up 1167 points to 25018;
• AUD weaker at $0.65;
• CAD weaker at $1.372;
• EUR weaker at $1.129.

Market news

A bit of optimism back into markets with more hopes for global fiscal stimulus measures (and some value buying) boosting the DOW up 1167 points to close back over twenty five thousand. Crude oil has also firmed about three bucks to $34.5/$37.2 Brent.  Ag markets were up lightly across most of the boards – Chicago +3.5¢ to 522 1/4¢, KC +3 3/4¢ to 444 3/4¢, Minny -2¢ to 518 3/4¢, and Matif off half a euro to 178€ on the earlier close.  Corn ended up 4 3/4¢ to 377.5¢ and beans closed +6 1/4¢ to 876 1/4¢(Winnipeg +$5.6 to $460.9/Matif +2€ to 370€).  The AUD broke under 65¢ the other day and is trading right at the line currently, the CAD $1.372, and the EUR $1.129.

China has claimed that coronavirus is “curbed” in Wuhan, where it originated.  They’ve backed away from any near-term easing of quarantine restrictions though, and although case numbers are coming in far slower than at the peak they are still popping up.  Italian lock-downs continue to expand though and are expected to stay in place until the start of April.  There are further restrictions on meetings and travel happening around the world on both a governmental and private level.  US President Trump said last night he would announce fiscal stimulus measures. But proposals overnight have already devolved into political infighting.

Last night’s USDA report, mostly as expected, was pretty much a non-event.  US supply/demand numbers hardly even saw residual changes on corn, and nothing on wheat or beans. Global stocks were slightly looser for beans with bigger South American crops but nothing of significance.  The end of the month does bring the Prospective Plantings and Grain Stocks reports, which are of more interest to the market.  With survey results collected through the first two weeks of March (ie, now) it’s certainly interesting timing to gauge sentiment on the new season crop.

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Australia