Deliveries weigh on grain in the overnight trade.

This morning’s grain trade is lower across the board as first notice day deliveries had March soybeans at 702 contracts, 484 contracts Chicago wheat, and 271 contracts soy oil. No corn receipts were put out. Cargill was the commercial that tendered 700 contracts of soybeans. Strong hands stopped 234 contracts of the March soy oil, but otherwise, retendering of receipts is anticipated, which brought about the overnight selling.

Today is the last day of the February US revenue insurance price calculations. New money is anticipated to arrive into the marketplace after the settlement of delivery contracts and the end of the price discovery of revenue calculations.

Republicans and Democrats have come to an agreement on a short-term funding deal that will delay a potential government shutdown to late March. The March 8 WASDE crop report and March 28 acreage data will occur unencumbered without shutdowns. The acreage data is on Thursday, March 28, as March 29 is Good Friday ahead of the Easter weekend.

Today, we will see the January crush numbers along with soy product ending stock estimates after the close from NASS. The report is expected to show a crush rate of 197 Mil Bu, a record, but down from the December crush due to the Arctic cold that impacted crush operations during mid-January.

Russia's Ag Minister relayed to state media that they may consider an additional export quota for 4 MMT of grain in the next two to three weeks. He also reported that the country is no longer interested in renewing the UN-backed Black Sea grain pact because it has its own export capabilities. Poland’s PM said the government won’t rule out banning Russian Ag imports as they and Ukraine Ag imports are distorting the Polish market.

The South American forecast maintains a wide swath of below-normal rain for the northern half of Brazil, while Argentina will have showers on Friday/Saturday of .25-1.25”. Weather models try to see a return of rain in the 11-15 day window. The drying trend in the northern half of Brazil will be monitored during March, as planting ends March 10 and root zone moisture for Matto Grosso is short.

Live and feeder cattle futures turned sharply lower Wednesday, with a weak outlook anticipated this morning. February cattle are focused on today’s expiration while the rest of the market is removing recent premiums. The feeder cattle market tumbled hard on weaker cattle prices and the higher corn market that was revealed yesterday for the third day in a row. A light cash trade occurred on Wednesday at $183 in the South, which was steady with last week, while feedlots are passing on steady bids and offering show lists at $2-3 higher. Closing p.m. box beef prices had Choice gaining $1.29 at 303.03 yesterday, while Select picked up $2.54 at 292.94. Moving average support for April live cattle is at 184.50-185.00 via the faster 21-day MA. April feeder cattle have moving average support at 252.50-253.00.