Overnight Grains

The overnight eCBOT grains are a tad lower Tuesday morning in a dearth of fresh fundamental news.

Falling crude oil and the general global economic depression are enough to weigh on the sector this morning.

Argy farmers have a meeting with the government scheduled for later today. Their recent strike is supposed to end today, we will see what happens from here on in, but this one can be expected to run & run methinks.

Above normal precipitation fell across Northeast China last week (Feb 14-21) but more rain and snow is needed to alleviate drought conditions there, according to Allen Motew of QT Weather. Heavy precipitation will fall mid-week over the Yangtze Basin with no precipitation farther north across China’s Winter Wheat Belt, he adds.

The newly released outlook for March shows drying for the Southern Plains, Gulf States and Southeast. Early season row crops may get off to a poor start if this forecast verifies, he concludes.

China has bought at least 90,000mt of soyoil the last few days and is actively seeking more according to media reports.