European closing time saw markets a little easier and afternoon US business rode a small rally.

• Chicago May 2024 wheat up US5.75c/bu to 574.75c/bu;
• Kansas May 2024 wheat up 11c/bu to 576.5c/bu;
• Minneapolis May 2024 wheat up 6c/bu to 652.75c/bu;
• MATIF wheat May 2024 down €1/t to €198.50/t;
• Black Sea wheat futures has not quoted since 11 August 2023;
• Corn May 2024 up 8c/bu to 421.5c/bu;
• Soybeans May 2024 up 3.5c/bu to 1145.25c/bu;
• Winnipeg canola May 2024 up C$10.10/t to $588.10/t;
• MATIF rapeseed May 2024 down €0.75/t to €407.50/t;
• ASX March 2024 wheat down A$3/t to $332/t;
• ASX May 2024 wheat down A$3/t to $336.30/t;
• ASX March 2024 barley unchanged at A$298.50/t;
• ASX May 2024 barley unchanged at A$304.50/t;
• AUD dollar down 25 points to US$0.6540.

International

The US and Britain struck more than a dozen Houthi targets in Yemen on Saturday, in response to the recent surge in attacks on ships in the Red Sea, including a missile strike that set fire to a cargo vessel. 

US Congress is running out of time to reach a funding agreement to avert a partial government shutdown before midnight on Friday. 

Brazilian agricultural consultancy AgRural cut its 2023-24 Brazil soybean crop forecast by another 2.4Mt, now pegged at 147.7Mt, reflecting yield losses in the states of Paraná and Mato Grosso do Sul due to irregular rainfall and hot weather in January and February.  The Mato Grosso Institute of Ag. Economics reported as at 23 Feb, 2023-24 soybean harvesting in the state of Mato Grosso was 76pc complete (76pc previous year) and 2023-24 secondary (safrinha) maize planting 80pc complete (73pc). 

According to the Ukraine Ag. Ministry, as at 26 Feb, cumulative 2023-24 grains exports were at 28.6Mt, compared to 31.8Mt over the same period last year. It included 15.4Mt maize (18.2Mt), 11.3Mt wheat (11.2Mt) and 1.6Mt barley (2.0Mt). 

Reuters reported that at least three vessels at Brazilian ports were preparing to load soybeans headed for the US. All three ships were chartered by a livestock and poultry producer which operates port and processing facilities on the US east coast. The shipments would be the first bulk soybean shipments from Brazil to the US since last summer and are scheduled to arrive in early spring, earlier than normal. 

South Korean flour millers reportedly purchased 172,300t wheat for May-Jun shipment, including 4,850t US soft white wheat (9.5pc-11pc protein), at US$231.48/t fob, 2,130t soft white wheat (max. 9pc protein) at $238.82/t fob, 18,480t HRW (11.5pc) at $248.38-$250.21/t fob and 30,440t DNS (14pc protein) at $290.17/t fob. They also purchased 50,000t ASW and AH wheats from Australia, in the low to mid $280s per tonne fob and 36,400t Canadian WRS in the low $280s fob.
Tunisia’s state grains agency purchased 100kt of milling wheat from optional origins, at $238.88/t c&f, for Mar/Apr shipment.