Spent the majority of the day 2-3 weaker, then rallied back in the afternoon. Export Inspections were above thoughts at 54.2 mill vs expectations of 35 – 47 mill bu.  Some 57 mill per week are still needed to meet USDA ests.  There were more sales announced.  Japan bought 107 KMT and unknown bought 254 KMT.  Freight remains hot and basis values weak with recent high price of cash corn for those smart enough to recognize a “gift horse”.  Up river water levels continue to drop with limited rain in the forecast however, levels at Vicksburg should crest this coming weekend.  In SA, Ag rural says that Brazil’s safrinha crop is 81% complete, similar to their 5 yr avg.



UP 2

A little reprieve from the pressure exerted on Fri.  Futures did hit three week lows in the overnight, but did rebound.  Short-covering was was taking place with the mid day models now delaying rain for Arg and Brazil and pushing said front more to the N.  This should leave more of the key prod areas of Argentina drier than original, deepening the drought possibilities.  The USDA will most likely reduce their est in April.  The privates are now in the low to mid 40’s. Our US Mon Export Inspections were as anticipated at 33.4 vs expectations of 26 -37 mill bu.  Our friends in China were approx half of that.  Board crush continues to work through big volatility.



UP 1

Quiet.  Chicago futures bounced this am as they got close to the 200 day support and with the US $ 200 points weaker which helped support. Export Inspections were 14.3 vs expectations of 9  -17 mill, but did fall short of the 20 mill needed for the week to reach USDA goals.   The Argentine row crops are struggling but the already harvested wheat has topped most ests, supporting an export lineup that is over 20% larger than last years.   Russian wheat prices continue to inch higher with values now at their highest level since April 2015.  Here, optimists are holding out on hope that a changing weather patter could save our HRW crop while pessimists say the damage is already done.  Crop conditions were released. OK did have a 1% improvement in the G/E to 7% and a 5% reduction in the VP/P …but still at  72%.  Most of OK is some +5” behind normal precip.