More technical, non fundamental trade pushed US grain futures higher overnight. Trump rallied the nation in his speech that suggested higher interest rates are not far away and talk of heavy investments in local projects like roads and infrastructure will add jobs to the economy. There was also talk of helping business expand, he had it all, it’s like he was just saying what everyone wanted to hear, wow, what a man.

In the real world Japan picked up 113kt of wheat, about 36kt of US white wheat, 24kt of US HRW and 25kt of US spring wheat, the balance of about 28kt will be filled with Aussie wheat. Jordan is tendering for 100kt of wheat and 150kt of feed barley. While Libya extended their deadline on the 100kt tender of wheat and 50kt of durum and 75kt of corn they put out last week. With the way futures are reacting at the moment they may be currently regretting that decision.

The warm dry weather predicted for the US plains next week is expected to push the southern and central HRW out of dormancy. This is a little early and will mean the crop is susceptible to frosts for a longer period of time, something to watch right through to April.