This is a big week in a political sense with the US choosing a new (or maybe not so new) president tomorrow, which when coupled with the slug cash removed from  hedge funds as a result of hurricane Sandy has left US markets lacking clear direction.

Wheat in London and Paris  made contract highs not only in the tight old crop position but also in new crop as well as weather concerns escalate over delayed sowings in northern Europe and the emergence of newly sown wheat looking less than great.

US wheat continues to be reported as emerging poorly across the Plains in dry conditions, the latest Argentine reports are calling for reduced output and early harvest reports from Australia confirm our fears of a lower harvest output there.

Little wonder we are seeing wheat receiving support which is not currently apparent in corn and soybeans right now.