March Chicago wheat futures rejected the 5.30 level. WH is now back below support near 5.19. Support from last April continues to be near 5.00. Some of todays weakens may be linked to talk of deescalating tension in the Black Sea. Average trade est for US 2018/19 wheat carryout is near 956 mil bu, almost unchanged from USDA November estimate of 949. Trade also estimates World soybean 2018/19 end stocks near 266.8 mmt vs USDA November estimate of 266.7. US 2019 wheat crop could be 57 mmt vs 51 ly, EU 156 mmt vs 137, FSU 134 vs 125 ly and Australia 24 vs 16 this year. If there is a deal with China some hear within China that China could buy as much as 7 mmt US wheat, 12 mmt corn, 8 mmt soybeans and 3 mmt US ethanol.