Ags were more muted in Friday trading, with Chicago wheatended up half a cent to 506¢, KC -1 1/4¢ to 431.5¢, Minny -1¢ to 508¢, and Matif off a quarter euro to 177.5€ on the earlier close.  Corn was unchanged while beans broke 10 3/4¢ to 848 3/4¢ with renewed notice of the absence of Chinese buying and big South American sales, and Winnipeg ended up $2.6 to $453.6 (Matif -4.25€ to 352.5€).  Crude oil firmed by about half a dollar (after selling down more leading into the day session) to $31.7 WTI / $33.9 Brent after announcements that the US will fill their strategic oil reserves, and the DOW was up 1985 points on the close.  The AUD’s firmer to 62.7¢ currently after the US rate cut (AUD traded in the 61¢ range most of Friday), the CAD $1.383, and the EUR $1.115.

Soybean futures fell sharply in Friday trading with the market paying renewed attention to the absence of Chinese buying and big South American sales.  Ethanol futures again closed lower.  Ethanol margins have already been squeezed through the season with the firmer domestic corn basis, weak ethanol prices, and blending waivers, which could all prompt another wave of processing-plant idling. This could reduce corn demand.

Weather forecasts for grain-producing areas in the Black Sea region keep show some welcome rainfall is likely.  Some parts of southern Russia are starting to plant in extremely dry conditions and are worried about the dryness of spring so far, as well as warmer-than-average temperatures. However, winter-wheat conditions remain generally positive in the mild conditions.  France and parts of Germany are excessively wet, and a few worries about spring planting there is still cropping up.  Winter-crop conditions are also pegged slightly lower, all about as expected with recent conditions.