Markets trade largely sideways, though US weather developments supportive. EU soft wheat exports to non-EU destinations down only 11% y/o/y now after better sales over the last 2 months. US funds estimated net short -283k (corn), -62k (soybeans), -130k (wheat). Corn short now record large. US weekly export sales reported at 856k (corn), 299k (wheat), 1mmt (soybeans). Wheat sales fell short, with 600k/week needed to reach current targets. 300k corn business reportedly done wit

Slide continues as USDA’s latest report provides little supportive to alter current sentiment. USDA headlines US wheat export estimates reduced by 960tmt to 26.26mmt. Due to increases in imports and reductions in consumption, ending stocks were placed at 28.72mmt, over 1mmt above trade estimates. US corn exports also reduced by 1.9mmt to 60.33mmt. Ending stocks increased by 2.54mmt to 46.62mmt. EU wheat exports raised by 1mmt to 23mmt, despite the trade anticipating a decline

Sharp sell-off this week lead by US markets, as a lack of constructive news re. the US/China trade deal, helps spark liquidating trade. Ensus announce intention to resume ethanol production in March, boosting London Futures. Though it appears this will be at reduced capacity, with limited wheat used initially. Latest UK S&D figures released place wheat production at 13.953mmt for this season, down 133k on prev. Usage reduced by 166k however, leaving an exportable surplus of 8