Cold patterns in the plains and midwest puts wheat on alert for winterkill in the next 2 weeks according to Commodity Weather Group. However there are no specific threats on their models yet.
Argentina is still getting hit with rain with their wettest days expected to be Saturday through Monday this week. Rainfall is expected to be about 3 inches during those three days. Late corn and double-crop seeding will struggle in nearly half of Argentina. Dryness in Brazil is expected to slow over the next 2 weeks with scattered showers on the horizon.
Egypt's GASC received offers from ten suppliers in an international tender to purchase wheat earlier today. No purchases have been made yet and results are expected to be out later today. The lowest offer was $186.68 per tonne FOB for Russian sourced wheat. No US wheat was offered despite GASC allowing US HRW this time around.
China plans to boost its reserves of farm and arable land over the next three years. China currently has about 124.3 million hectares of arable land and more than 100 million hectares of farmland. The government said it will add 1.3 million hectares of arable land, partially replacing land lost over the past 13 years.
A rise in US inventory has helped stall the upward trend in oil prices that has pushed global crude prices to their highest levels since July of last year. Many analysts expect oil prices to continue moving higher in early January.
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