<\/p>\n<\/a>Grains<\/u> –
\nNote the chart attached here showing the combined daily volume in the major May contracts at CBOT over the past few weeks.\u00a0 As you can see, volume has been steadily declining and I would imagine that might continue to be the case until we get closer to the month-end reports.\u00a0 There isn\u2019t really anything new to discuss right now.\u00a0 Export demand is seasonally declining, which should be reflected in inspections this morning.\u00a0 South American weather prospects continue to seem mostly favorable. \u00a0US weather will be gaining more attention, but we\u2019re still a ways off from widespread spring planting getting underway.<\/p>\n
As noted above in the weather commentary, wheat will certainly pay attention to how this weather system develops later this week, which could bring the best shot of moisture for the region in quite some time.\u00a0 Deviation from the forecast for this event could certainly be one thing that could drive market action ahead of the month end reports, but there is little else to get excited about in the next two weeks.\u00a0 Markets should be on hold until 3\/31.<\/p>\n
As an example of markets\u2019 overall indifference until 3\/31, note Safras raised their Brazilian corn production estimate to 98 mmt on Friday…and the corn market didn\u2019t even blink.<\/p>\n
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