Grain markets are higher in overnight trading:

Corn + ¾ cent/bu (Mar @ 3.90 ¼ )

Soybeans + 3 cents/bu (Mar @ 9.45 ¼ )

Chi Wheat + 6 ¾ cents/bu (Mar @ 5.69 )

Cdn $ -0.00150 (76.5 cents)

WTI Crude Oil +0.49/barrel (58.57)

Wheat futures are leading the grains higher today, as frigid weather is forecast for much of the winter wheat belt in the 6 to 10 day forecast window.  This is the first “threatening” winter weather that the crop has seen…….any potential damage will be mitigated somewhat by forecasts of rain/snow for later this week.  At the same time as weather threatens the USA winter wheat crop, there is a plethora of wheat import interest this morning.  Egypt is looking for wheat for March 1-10 shipment, while Japan is looking for 118,000 tonnes, Turkey is looking for 550,000 tonnes, and Jordan is seeking 120,000 tonnes.  It is somewhat unlikely that the USA will get much of this business, except for Japan, but the fact that there is such a big demand for wheat right now is seen as supportive for the market.

Soybeans and corn are modestly supported by the strength in wheat and by continued optimism over the potential for increased business from the trade deal.  As we are on the cusp of the signing of the deal in Washington tomorrow, who really wants to sell the market before details of the agreement are better known?

South American weather remains seasonal, with good rains forecast for much of Brazil over the next two weeks, while Argentine weather maps are a little wetter this morning as well.

This is the last call for any producers interested in registering for the Wanstead Farmers Funspiel in Forest this Thursday, January 16th.  Event runs from 9:30 am through 2:30 pm, with curling , a pulled pork lunch, grain and agronomy discussion, and a whole lot of fun!  No curling experience necessary, and free admission!  Please call one of our locations, if interested.