Morning Highlights


  • The US Dollar index was nominally higher overnight, trading up 0.139 to 90.034 points.
  • The energy markets are weaker with front month WTI down $0.13 to $61.23 per barrel.
  • US farmers who sued Syngenta over its decision to commercialize a GMO strain of corn before Chinese import approval, are seeking court approval for a $1.51 billion settlement with the company.
  • The March grain contracts will go off the board on Wednesday, March 14th.


  • The corn market was higher on strength in wheat and continued strong demand for US corn.
  • South Korea’s NOFI purchased about 204,000 tonnes of corn in a tender. The lowest price for the corn was reported at $227.39/tonne C&F.
  • Turkey is showing record demand for Black Sea region corn this year, importing more from Russia and two and a half times more from Ukraine.
  • Ukrainian FOB corn prices have now risen above the value of feed wheat and some grades of milling wheat.
  • Spreads: H/K 6 cent carry, K/N 7 ¾ cent carry, N/Z 9 cent carry.

    Outlook: Choppy to higher trade as we try to resume the trend higher again.


  • The soybean market is higher again overnight on technical buying and headlines over crop concerns in Argentina.
  • The monthly NOPA crush report will come out on Thursday.
  • Trade continues to talk about weather in South America with no significant addition of moisture to the latest forecasts for Argentina.
  • Logistics are improving for Brazilian trucks moving soybeans, as main roads leading to northern ports are in better conditions.
  • Malaysian palm oil was up 32 ringgits overnight to 2,413 ringgits. Weekly change of up 37 ringgits.
  • Chinese Dalian soybean futures were up ¾ cent overnight.
  • Spreads: H/K 8 cent carry, K/N 10 cent carry, N/X 16 ¾ cent inverse.

    Outlook: Choppy to higher trade on technical buying and weather concerns in South America.


  • The wheat markets were higher overnight on yesterday’s supportive crop condition report.
  • The USDA reported Kansas wheat at 12% good/excellent yesterday, down from 13% last week. The poor/very poor for Kansas rose from 50% to 53%. They raised the good/excellent category for Oklahoma from 6% to 7%, and Texas from 10% to 13%.
  • Taiwan’s Flour Millers’ Association purchased 92,456 tonnes of milling wheat which will be sourced from the US.
  • Japan is back in for their regular tender and is seeking to buy 119,610 tonnes of food quality wheat; however, they purchased no US spring wheat.
  • Spreads for K/N: Chicago 16 ½ cent carry, KC 16 ¾ cent carry, Mpls 7 cent carry.

Outlook: Higher trade off the open on lower Kansas wheat ratings.