Grain markets were closed overnight for the Christmas holiday. Markets will reopen this morning at 9:30 am cst. The Japanese Yen fell to a 20-month low against the US Dollar overnight which sent the Nikkei stock market to a 9-month high. Hong Kong and European markets were closed for holiday. The outside market forces look slightly positive into the opening.
The central and eastern US has seen good snow and rainfall over the last 48 hours which will benefit soil moisture profiles in the spring. Blizzard warnings for parts of Missouri and lower Ohio River Valley will help keep soft red winter wheat crops insulated from freezing temperatures as we move through winter. Precipitation is moving though Indiana, Ohio, and the southeast this morning. The lower delta and southeast US have held in extreme drought status recently but the uptick in precipitation over the last week should provide relief. The trade is awaiting the next major Egyptian tender and local officials have stated that they now have 4.24 million tonnes of wheat in domestic stocks which could be enough to meet consumption until May. New crop harvest will begin in the Middle East by late May to early June. Some feel that the amount of wheat Egypt buys in their tenders will deteriorate moving forward as harvest draws closer and new crop, local supplies become available at lower price levels. FOB offers in the Gulf of Mexico held steady Monday at 85 over the March for February shipment. Egypt's last purchase was for February shipment.
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