- Today saw little in the way of fresh news, the ECB left interest rates unchanged and the President, Mario Draghi, is reported to have said that he sees a “gradual recovery” starting later in the year.
- Talk of US corn acres switching to soybeans continues although that is becoming a tired topic right now.
- Brussels granted wheat export licences amounting to 360,032 mt bringing the season total to 20.101 million mt. This is 5.782 million mt ahead of last season (40.4%).
- On the quiet there has been a reasonable volume of wheat traded into Saudi Arabia, Algeria and Jordan, at what appear to be discounted price levels. Added to earlier Iraq volume it appears that buyers are being “filled” very quickly and competitively when they come to the surface. Perhaps this is telling of the underlying sentiment arising from bigger global crops and a return to more plentiful global supplies.