US wheat futures finished higher; others mostly lower; Tuesday’s settlements as follows.

Offshore markets were mixed overnight with corn and beans finishing in the red while wheat managed to buck the trend and close higher. May wheat made a high of 477.5c/bu on April 4 and last night printed a low of 433c/bu – this represents a 44.5c/bu down move over the month. Last night CBOT Wheat was up 3c to 438.75c, Kansas wheat was up 2.75c to 414.5c, corn was down -3.5c to 351.25c, soybeans finished -15c to 862c, Winnipeg canola was down CAD$-5.30 to CAD$437.8, and Matif canola up 0.25€ to €363.75. in outside markets, the S&P and Nasdaq closed at record highs overnight as earnings continue to power ahead. The Dow Jones close up 145.34 to 26656.39, Crude Oil was down -0.18c to 66.11bbl, AUD up to 0.70995c, CAD up to 1.34301c, (AUDCAD 0.95336) and the EUR was down to 1.12222c (AUDEUR 0.6323).

There was more talk overnight regarding the Russian governments push to have more control over Agricultural exports. Major grain traders in Russia have agreed to create a new state-controlled exporters association which will be called the Russian Union of Grain Exporters. The scope of the new union will be defined over the next month however, in a statement from the founders they state “Its creation will help to improve the coordination of grain exporters among themselves and with government authorities”. The market impact flowing from more government involvement in the export program is difficult to predict however the world will be sensitive to changes given the reliance on Russia as the volume supplier to the market.