Overnight Grain Markets

The overnight eCBOT grains are mixed with beans around 7 cents easier, wheat down 3-4 cents and corn nominally a cent or so higher.

The main factors driving the demise of soybeans the last few sessions are talk of Chinese cancellations and the expectation for a big increase in US plantings this spring.

In addition rains in Argentina appear to have arrived just in time to at least stabilise the soy crop.

Sharply higher US soybean plantings of course conversely mean lower corn acres. In addition corn export sales have been in excess of a million tonnes five weeks running, with another solid number expected this afternoon.

Reports of lower wheat acres around the world are filtering through to the market, which should provide solid underlying support. Russia continues to soak up most of the decent export orders however. Until the US and EU start picking up some of this business it may be difficult to get too much of a fire going underneath wheat.

In it's weekly export sales report due at 13.30GMT the USDA is expected to report corn sales of 750-950,000MT; wheat 300-400,000MT; soybeans 550-850,000MT.