• We have seen mixed trade into the Easter extended holiday weekend, with wheat and corn in Chicago gaining 4c-5c and nearby soybeans shedding around 5c. It seems that a weather premium is being added to wheat as the EU, and now the GFS weather model, shows drier weather for the US Plains than previously anticipated.

• The USDA has today released its weekly export figures as detailed below:

Wheat: 293,100 mt, which is within estimates of 100,000-300,000 mt.
Corn: 431,700 mt, which is within estimates of 400,000-500,000 mt.
Soybeans: 595,700 mt, which is above estimates of 150,000-300,000 mt.
Soybean Meal: 397,600 mt, which is above estimates of 100,000-200,000 mt.
Soybean Oil: 20,500 mt which is above estimates of zero-20,000 mt.

• Informa Economics, in their latest monthly forecast put the US winter wheat crop at 1.497 billion bu vs. 1.378 billion bu last year. The Brazilian corn crop was estimated 2.4 million mt higher at 74.7 million mt, soybeans 500,000 mt higher at 93 million mt and the Argentine soybean crop was seen down 500,000 mt at 57.5 million mt.

• Other news is pretty thin with many leaving early for the long weekend holiday. It should be borne in mind that estimated fund positions all stand at net shorts, corn at 5,000, wheat at 60,000 and soybeans at 35,000. With US weather becoming a more significant headline right now the bears may well be feeling edgy this weekend. However, as reported above, with a fairly distinct lack of US export demand and fast falling interest in US soybeans rallies may well be difficult to sustain in the longer term.

• Have a good Easter break, the next update will be on Tuesday.