Corn, beans and canola lifted 1-2pc, wheat futures changed little.

• Chicago wheat May contract down 1.75¢/bu to 523.25¢;
• Kansas wheat May contract up 4.5¢/bu to 457.75¢;
• Minneapolis wheat May contract up 0.75¢ to 528.25¢;
• MATIF wheat May contract down €1.25/t to €183/t;
• Corn May contract up 7.25¢/bu to 375.5¢;
• Soybeans May contract up 8.25¢/bu to 901¢;
• Winnipeg canola May contract up C$6.70/t C$463/t;
• MATIF rapeseed May contract up €2.75/t to €383/t;
• Brent crude May contract up US$2.30 per barrel to $51.90;
• Dow Jones index up 1294 points to 26705;
• AUD firmer at $0.6540;
• CAD firmer at $1.332;
• EUR firmer at $1.114.

Market news

Wheat saw quiet and muted trade Monday in the US, despite the row crop rally. Chicago ended off a cent and three quarters to 523 1/4¢, KC +4 3/4¢ to 457 3/4¢, Minny +3/4¢ to 5281/4¢, and Matif off a euro twenty five to 183€ on the earlier close.  Corn jumped 7 1/4¢ to 375.5¢ and beans were up 8 1/4¢ to 901¢ (Matif up 2.75€ to 383€, Winnipeg +$6.7 to $463).  Macro markets were off to an optimistic start though, with value buying and hope for a rate cut helping the DOW up 1294 points by the close and seeing crude up two bucks to $47.8 WTI / $51.9 Brent.  The AUD is half a cent stronger to 65.4¢, the CAD $1.332, and the EUR $1.114.  US politics are in full swing with “Super” Tuesday coming tonight – the big question for the market is how Sanders will do, with his less market-friendly perception relative to Biden.

Coronavirus is still dominating world news headlines, with more cases and more deaths both, but to some extent that’s last week’s story for the markets. We “need” to see something new there to bring renewed worries.  Infection rates do appear to be picking up though and even the OECD came out with cuts to their overall economic estimates.  OECD pegged global growth at 1.5pc, vs 3pc in prior estimates. Market sentiment can easily swing again.

Export inspections out of the US came in at 896,000t for corn, 654,000t for wheat, and 670,000t for beans, all about as expected.

China starts processing zero tariff certificates this week and markets are watching to see how those go.  This includes the recent sorghum sales, which are expected to be approved without a hassle.

The US winter wheat crop monthly conditions report was out with improvements pretty much across the board in the southern plains. Oklahoma rated 57pc good/excellent, Kansas 43pc, and Texas 36pc.  There are still some concerning pockets of dry in SW Kansas and the edge of Oklahoma, but for the most part crop feedback has continued to improve after recent weather.

Australia

Aussie markets continue to see a solid range off offers out there relative to slower demand – and the trade has been re-evaluating just how much demand, including the China wheat business and what it all means for the balance sheet.

Rains have started to move into northern NSW, and forecasts have remained solid for the majority of southern NSW, maps this week calling for 50⁺mm.

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