Wheat was down 1 to 2 pc, others followed slightly lower.

• Chicago wheat March contract down 7.5 cents per bushel to 562.25c;
• Kansas wheat March contract down 10c to 472c;
• Minneapolis wheat March contract down 6.5c to 535.75c;
• MATIF wheat March contract down €2 per tonne to €192.5/t;
• Corn March contract down 2.25c to 384.25c;
• Soybeans March contract down 2c to 893c;
• Winnipeg canola March contract down C$0.10/t to $461.80/t;
• MATIF rapeseed February contract down €1.50/t to €403/t;
• Brent crude March contract up US$0.30c per barrel to $59.80;
• Dow Jones index up 11 points to 28,734;
• AUD down at $0.675;
• CAD down at $1.319;
• EUR down at $1.101.

Worlds markets

Down we go, with wheat breaking hard again. Recent rains brought a bit of production optimism but there’s nothing new on the demand side to encourage the bulls.

Chicago wheat ended down seven and a half to 562 1/4¢, KC -10¢ to 472¢, Minny -6.5¢ to 535 3/4¢, and Matif was off two euros on the earlier close (to 192.5€) after some weakening in EU cash markets. Comments the other day from Tunisia about suppliers bearing the financial risk of any delays attributed to French port strikes certainly didn’t help anything.

Corn was dragged slightly lower by wheat, ending off two and a quarter to 384 1/4¢ and beans were down two cents to 893¢ (Matif -1.5€ to 403€, Winnipeg canola -$0.1 to $461.7).  Crude oil has generally stabilized with WTI off nominally to $53.3 and Brent up about thirty cents to $59.8, and the DOW was almost unchanged (+11 points).  The AUD continues to defy those looking at the charts to trigger a bigger break, holding about 67.5¢ currently, the CAD is at $1.319, and the EUR at $1.101.

Coronavirus fears remain rampant as death and infection numbers continue to rise in China, but the immediate emotional response in the markets has subsided while traders look for more concrete evidence of problems.

Comments from the US Ag Secretary were not particularly supportive to ag though, reflecting his uncertainty about reaching the phase one “purchase goal”.  On the upside, there’s nothing like a big sell off on the boards to get GASC excited. Mind you, this doesn’t always translate into cash moves in the EU and Black Sea.  GASC is back again for another wheat tender for mid-March delivery.

Export sales figures are also out tomorrow and should be slightly better than recent weeks for corn, given the flash sales, but may need to well outperform to excite markets.

Safrinha corn planting dates are in the news again. Following an initial request for a 20-day extension being denied, a further request has been submitted, for a 10-day extension this time, supported by weather delays in the bean harvest.

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Australia

Back locally, weather maps are still optimistic for the Downs though the heart of the storm system has shifted a little further east off the coast.  Cash markets have seen some more spot demand for some near-term short covering in the south for domestic homes, and track transfers finalizing today/tomorrow for the month.

South Australian operator T-Ports said their transhipment vessel (the Lucky Eyre) is set to arrive at the port next month as they prepare to put the port in operation.

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