As we stated yesterday, world corn prices are being led lower by competitive pricing from Argentina and Ukraine. Ukraine appears willing to price Mar/Arp corn at $166/mt, some $8 or $9 below US to shift stocks. Now Argentina and Brazil have been willing to meet the Black Sea offers with their own discounts. This was evidenced in recent days by a sale from Brazil to S Korea. In these circumstances US sales have been tough to conclude to say the least and a corn export window into mid-summer looks nigh on impossible.

March CBOT wheat has hit trendline support and prices in coming days will be pivotal. If support gives way, and global supply pressure suggests that this could well be the case, the next level of support sits at around $4.75.