- CBOT markets closed higher with soybeans pacing the advance as FOB premiums in Brazil rally. There is little else in the way of fresh news to justify higher levels. Weather forecasts in the northern hemisphere are unchanged with a progressively wetter outlook for the US upper midwest, Europe and Black Sea into early April. Perhaps tellingly the US$ is down a touch and crude oil prices are up slightly.
- It appears that fund short covering has been active today, driven by shorter than expected net positions reported on Friday evening and doubtless the looming USDA stocks and seedings report is adding to nervousness.
- Prices for Russian domestic wheat in the central region have fallen to 10,000 Roubles/mt, marginally below the 10,100 Roubles /mt government target. Some intervention purchases are expected in coming days and weeks and volume secured will dictate the outcome of the export tariff. Continuation or otherwise of the tariff is a major issue for world trade particularly into the 2015/16 crop year.