Turnaround Tuesday seems to be the theme in recent weeks and last night did not disappoint. Markets did a lot of rehashing in overnight trading of the ongoing stories: Concerns about wheat winterkill, and Brazilian and Argentinian weather concerns, and speculation about Chinese interest.

We did finally see a new flash export sale reported, with 175,000t of new-crop corn to Japan.

Commentator Michael Cordonnier came out with a higher Brazilian soybean estimate, up 2 million tonnes (Mt) to 132Mt, despite the ongoing harvest delays, and was unchanged on corn at 105Mt, though with a focus on the delayed planting which pushed back critical moisture windows.

Some estimates being discussed in the market have the backlog in Brazilian bean shipments upwards of 20Mt based on vessel movements and lineups, although beans are slowly picking up pace to port.

Jordan’s recent barley tender saw results out with two boats at around US$261 c and f for September, a slight discount backed off against recent traded values, but reflecting some increasing shifts in cash market interest towards new-season positioning.

Black Sea current-crop cash markets were fairly quiet on wheat, with little new business reported to start the week, and we note that the Russian export line-ups remain very light relative to the large February push which is racing to beat the tax.  Some more exports are to come, but in the short term, the market is very quiet and on the look-out for demand.