There was mostly directionless trade in the US futures markets with major investors rolling out of December into March. There were a few punters taking a stab at what the USDA data will show early in the session but generally a sideways market as the world waits for the next big shock to run with. Maybe it will be in tonight’s USDA WASDE report.
There’s support for spring wheat futures in the US but this appears to be mostly spread trade, sell HRW buy DNS. There are a few stories in the media peddling the thought that the USDA have the spring wheat production number out by a mile. Agrimoney published an article last night quoting North Dakota Wheat Commission policy director Jim Peterson as saying the USDA estimates are viewed with some scepticism. Abandonment seems to be the key to the debate. N.Dakota was estimated at 5% abandonment while in S.Dakota the estimate was at 31%.  Currently the cash market is not showing signs of tightening spring wheat stocks in the US but some expect this to change come late January.

Russia has sold 120kt of wheat to Egypt at US$195.30 – US$196.30 FOB. This is roughly US$211 – US$214 landed Egypt. It also indicates that Aussie wheat out of WA would need to be priced more than AUD$15 lower to compete in this tender.
Turkey is also seeking 230kt of EU wheat.
India has double the import tax on wheat to 20%, this should help the government move stock piled wheat and curb imports.