CBOT wheat futures price got smacked overnight suffering a -12.75c/bu hit from its 2019 high yesterday after finding itself down 10c/bu in the first couple of minutes of the session. Russian FOB values came off US$1/t to $246.50/t after their lofty highs yesterday. As a result of the shambles Egyptian buying agency GASC put its hands up for late March. It has been suggested that Trump and Xi are looking unlikely to catch up before their tariff deadline on the second of March was the final nail in the coffin for the wheat market. Regardless of the overnight mess we still have the USDA WASDE and other grains reports to look forward to tonight which will undoubtably add even more spice.

The corn market did well to only lose 3.5c/bu considering the barrage wheat and beans were under. As is the case across the board, we await figures from the upcoming report, although the general feel is that there are concerns on the horizon. Ethanol is continuing to weigh things down along with the yield discussion that will hopefully be put to bed.

The bean market has been holding on for the Trump and Xi get-together, only to be disappointed overnight which threw the market into a spiral. This being said, to only lose -8.5c shows some sort of market resolve. Direction will be hard to gather until the trade outcome is wrapped up.

Domestically, the rainfall outlook remains the same with more to play out in Queensland. Majority of NSW and Victoria can expect between 10-15mm over the upcoming week. Southern markets remain flat as end users continue to chew through harvest stock. Still no news of a Saudi tender in the West. Traditionally this is the time we will see some action with their competition (China) away celebrating the Chinese New Year.