Global markets are in a bit of a holding pattern as they wait for this week’

WASDE report to hit the email.  In the meantime the US markets traded around the crop progress report which indicated US winter heat that is being sown now slipped in both sowing progress as compared to the average and the crop condition rating for that which is sown. Not really a major concern given it’s November. It will be interesting to see if the US farmer does actually get the projected area planted though.
With wet weather in the US potentially leaving a few acres unsown and dry weather in Russia not helping establishment we may see a few acreage adjustments as we move through December and January.

Some punters expect to see plus’s and minus’s cancel each other out in this week’s WASDE. Lower production estimates are expected to be met with lower export demand mainly due to high prices for N.American wheat.
Australian wheat production is expected to be on the chopping block as will Aussie exports. Increased feed demand on the east coast of Australia should take the place of any export reductions from Western Australia. Fundamentally Aussie stocks may well shrink to critical levels before December 2019.
Frost damage should see some reductions in Argentina’s estimate and recently the USDA Ag Attaché in Canada reduced 2018 wheat production there by 500kt, but also projected lower exports. Generally global values should remain supported.