Markets were mixed.  Wheat settled 2pc lower.

• Chicago wheat May contract down US11¢/bu to 569¢;
• Kansas wheat May contract down 13.75c to 487.25¢;
• Minneapolis wheat May contract down 6.25c to 531.25¢;
• MATIF wheat May contract down €4.25/t to €193.50/t;
• Corn May contract up 0.25c/bu to 348.75¢;
• Soybeans May contract down 1.25¢/bu to 880.25¢;
• Winnipeg canola May contract down $C2.80 to $462.80/t;
• MATIF rapeseed May contract up €2 to €352/t;
• Brent crude May contract down US$1.05 per barrel to $26.34;
• Dow Jones index up 1351 points to 22552;
• AUD firmer at $0.6080:
• CAD firmer at $1.404;
• EUR firmer at $1.105

Market news

Grain markets broke off overnight in the US, following the weakness in the night markets, with Chicago down 11¢ to 569¢, KC -13 3/4¢ to 487 1/4¢, Minny -6 1/4¢ to 531 1/4¢, and Matif crashing 4.25€ to 193.50€ on the earlier close.  Corn was up a quarter to 348 3/4¢ while beans were down a penny and a quarter to 880 1/4¢ (Matif up two euros to 352€, Winnipeg down $2.8 to $462.8).  The DOW continued to rally after the US government approved a massive stimulus package, closing up 1351 points.  The US dollar index is down a point and a half following there, with corresponding strength on global FX – the AUD up to 60.8¢, the CAD to $1.404, and the EUR 1.105.  Coronavirus concerns remain in the background. US cases continue to climb and are likely to push over 100,000 in a day or two. The market today could only focus on the easy money coming out.

The US weekly export sales data were extremely positive across the board, reporting 740,000t of wheat, 1.8 million tonnes of corn and 904,000t of beans.  These did include the Chinese flashes from the other week though, so not entirely a surprise. A nice chunk of durum sales was also included, as was an additional Chinese milo boat.

Worries about Russian export restrictions returned, the local grain union now calling for an export ban.  If it did happen it would most likely be focussed on old crop.

Conversely, millers in Kazakhstan are now calling for the government to lift the flour export ban imposed a few days ago, claiming that there’ s no reason to be concerned about local supplies.

Row crop discussion is continuing to orient more towards next week’s planting report from the USDA, scheduled for release on March 31.  Surveyed figures are similar to USDA Agricultural Outlook Forum held last month, at about 94 million on corn and 85 on beans. The corn area would be about 4 million more acres this year than last, though last year’s figures were significantly impacted by the planting problems.  Back-of-the-mind problems in ethanol remain at play too, as more ethanol shut downs, and intentions to shut down, continue to accumulate.

Australia

Good rain fell across northern and central west NSW, a nice top up to soil moisture pre-plant.  More showers are on the maps to move into Victoria and southern NSW into early next week, though it looks more like light drizzles into much of the Mallee and Wimmera.

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