At this point, the grain complex is primarily focused on the weather in South America.
After the sharp rally in response to this week's USDA's Supply/Demand numbers, only soybeans managed to hold onto the gains while major farmer selling pressed wheat and corn.
The stage is being set for major bullish potential if the U.S. and Russia run into problems in the spring.
The fundamentals in the wheat market have been turning bullish for a month.
Dryness in the U.S. Plains and Russia’s southern region have created a weather market rarely seen this time of year.
China has been on a buying spree – for mostly soybeans and corn, but also for some wheat.