- It has been a dull day today with somewhat rangebound prices and the trade attempting to decide what the weather is going to do. Soybeans were subjected to further short covering whilst farmers in the US Plains await soaking rains over the weekend. There remains nothing fundamental to suggest that the bearish trend is changing but with the funds already short, and substantially so in some cases, it remains for crops to be seeded to encourage fresh selling.
- There was no news from Russia on the lifting of their export tariff, and it was suggested that the decision will come in May or June when more is known about their crop size. That said, the Russian weather has been close to ideal over the last couple of weeks and talk is of increasing rather than decreasing crops right now with a general consensus that their wheat crop will be in the range of 54-58 million mt.
- With little else to report we will leave tonight’s update mercifully brief!