Hello 2011

03/01/11 -- It might still be a day off for most people in the UK, but I frankly can't wait for things to get back to normal, so I'm hitting the ground running this morning.

The normally work shy Americans have put in pretty much a full shift since Chicago was closed on Christmas Eve, and now have to wait all of a fortnight before their next public holiday, Martin Luther King Day on 17th of this month.

Even the French are back to work today, although I'm sure that they've probably got a few nice little strikes lined up for later in the month.

The overnight Globex market sees wheat trading around 6c higher this morning on what seems to be on the back of continued problems in Australia. I see that day one of the last test match in Sydney was disrupted by rain overnight with a 90 minute mid-session stoppage holding things up as the hosts managed 134-4 before a second and final interruption ended things.

Heavy flooding in Queensland has probably just missed the last of the wheat harvest there, although at the very least it will certainly be causing logistical problems. It may also be causing damage to any grain left on farm.

In the case of summer crops like sorghum and cotton, many fields in the state are now lying underwater.

Further south the wheat and barley harvests are limping along in NSW and Victoria and it's likely to be the end of the month before cutting is completed. Reports are generally still of bumper yields but variable quality.

Elsewhere rain is seen moving into Argentina from the south and west, although a lot of this much needed moisture is expected to fall on the western mountains before reaching central soybean and corn areas, say QT Weather. The best chance for wider rain coverage is Jan 9-10, they add.

Other forecasts are calling for light to moderate showers further north in major producing areas like Cordoba tomorrow and again Friday, with temperatures generally 30-32C.

India says it will sell off 2.5 MMT of it's wheat reserves onto the domestic market to attempt to curb rising prices. It will also sell 1 MMT of rice.