In the US wheat futures found technical selling triggered by thoughts that global values will continue to come under pressure in the short term from good supplies of Argentine and Australian wheat. The technical downside in Chicago wheat futures spilled into the corn pit resulting in technical selling in corn futures as well which closed a little lower.

Weather in the USA is worth watching over the next 24 hours with winter storms producing winds of up to 70mph in some location and possible tornadoes. There was some talk that the wheat crop in the drought regions of western Oklahoma, eastern Colorado and parts of western Kansas are stunted by the dry weather, failing to fire up secondary root systems. These crops, without snow cover, may be at risk from these strong winds. Seedlings being ringbarked and basically blown out of the ground. Winter wheat is a very robust crop but these conditions are worth monitoring and may result in a less than ideal plant stand in the western HRWW belt come spring.
There was also some speculation that tension between Ukraine and Russia may hinder grain movement but this was eventually viewed as hype as both countries have export terminals well away from the region’s most likely to be involved in a conflict. Historically, tension between the two countries never really had a huge impact on the flow of export grain.
Algeria picked up 660kt of optional origin wheat for January arrival overnight. The price is said to have been around US$373 C&F. This is back about US$10 from their last tender. The value can be translated to an ex farm LPP price of roughly AUD$360 per tonne.