Overnight Markets

The overnight grains markets are a little steadier this morning on strong US export sales, a weaker dollar and book-squaring ahead of a three day weekend.

Weekly corn sales came in above expectations yesterday at over 1.5mmt, with soybeans also strong at more than 1mmt, whilst wheat came in in-line with trade guesses at 411,700mt.

In addition to that, the Korea Feed Association bought 165,000mt of US/South American corn and 110,000mt South American soymeal overnight. Also another branch of the same association bought 110,000mt of corn from Cargill overnight. This last deal was of unspecified origin, but is thought likely to be US material.

In South America it really is a game of two halves, as they say in football. For the rest of February there is virtually no rain in the forecast for Argentina at all. In Brazil, the opposite is true, you could even make out a case for their being too much rain. Up to fourteen inches may fall in Mato Grosso in the next fortnight. And as Mrs Nogger will testify, that's a lot of inches.

There is no drought in China, so stop going on about it will you? And if there was a drought, which there isn't, it would only be a small drought. And if that drought was to do any damage, which it won't, it would only be minimal damage. Got it?