Coarse grains and wheat booked 3pc to 4pc gains.

No stopping the bull run so far – corn up limit again (+25¢) and beans +23 1/4¢ (with Matif -0.75€, but Winnipeg $+15.8).  Wheat had Chicago +27 1/4¢, KC +28 1/4¢, Minny +23.5¢, and Matif +7€ on the earlier close.  On the macro side, crude is back off with WTI down a quarter to $61.9 / $65.6 Brent and the DOW dropping 62 points.  The AUD is holding just a few pips over 78¢, with the CAD at $1.239, and the EUR $1.209 (with the dxy hitting 90.8).

US Federal Reserve Open Market Committee (FOMC) April meetings are scheduled for early this week.

Concerns about India and the coronavirus spikes there remain in play for the global economy, with another record day for cases reported last night.  Brazilian cases have finally been on the decline, but markets have no idea when India will hit the peak

Speaking of India, local wheat harvest there is ongoing and the Food Corporation of India’s reporting they’ve already bought 20 million tonnes (Mt) of wheat, well above last year’s levels and nearly half of their targets.

There have been more flash sales of new crop soybeans, with two boats to unknown reported at the start of the session.

Weekly US inspections figures were strong yet again on corn at 1.9Mt, and bean about as expected, 0.2Mt, wheat 0.5Mt of which 0.162Mt to China and 0.182Mt sorghum/milo in the mix to China too.

Viterra/Glencore in Canada is set to build, and open in 2024, a new canola crush plant in which can handle 2.5Mt of canola.

Regular US crop conditions reports were released after the close. Winter wheat was rated 49 good-to excellent, slightly lower than most figured, but there were no real surprises on plantings progress of beans 8pc, corn 17pc, spring wheat 28pc and milo 19pc.

There’s a solid storm system this week in the US moving through the eastern and southern corn belt, including a lot of the Soft Red Winter wheat areas, but otherwise good weather is forecast for fieldwork across the western and northern areas as temperatures warm back up.

South American weather maps remain very dry with the longer run models shifting slightly drier again in the latest runs too. There’s next to no rain forecast for two weeks across Brazilian safrinha areas.

Algeria’s OAIC tendering again for old crop wheat. Its most likely EU wheat will be successful at tender based on current values but there are some open questions about prices after the Matif rally into delivery.

Egypt’s GASC wheat tender will be held Tuesday EU time. Black Sea region cash markets started the week firmer, tracking the global move, so we’ll see to what extent traders are interested getting short into Egypt.

Australia

Source: Lachstock Consulting