Overnight Markets

eCBOT grains are lower overnight on forecasts that parts Argentina’s growing region will receive up to 2 inches of rain in the next seven days.

Whether that will be sufficient to rejuvenate the corn & soybean crops there is debatable. As Mrs Nogger often says, "two inches, what am I going to do with that?" Rain appears to disappearing from the forecasts I am looking at, here's the 24hr map:



South Korea bought 110,000mt of US corn from Cargill at $197.70/tonne for April arrival, but don't tell anyone because it's supposed to be a secret. I'll probably slap a commission account in for it anyway.

Syria cancelled a tender for 200,000mt wheat saying that prices where 'unsuitable', then promptly issued another tender for the same amount. Talk about hard to please. Come to think of it I bet Mrs Nogger#1 was probably part Syrian.

US weekly export sales due later today will be interesting. Expectations are: soybeans 650-850,000mt, wheat 350-500,000mt and corn 400-700,000mt.

Seats are selling rapidly for the Barack Obama Magic Circus in which he will single-handedly lift the US economy out of a recession through tax cuts and $604 billion in spending. A 244-188 vote sends the plan to the Senate. Let's hope Gordon McBroon has got a ticket and can spot how it's done.

Australian ASX March milling wheat is up A$3 at A$300/tonne. Scorching temperatures down under are a threat to the sorghum crop.