It took a bit of starting, and it had decelerated quite a bit by the end of the day, but the rally in wheat got into gear in the end, making the grain, unusually of late, the toast of Chicago bulls.

Traders might have wondered quite what was necessary to get wheat moving, after there was barely a spark to news on Friday that Russia had extended its export ban, while data showed US shipments continuing to shift.

But data from the US Department of Agriculture showing the US winter wheat crop off to its worst start since at least 1995, with the reading of 47% "good" or "excellent" the lowest first reading on  winter wheat from reports available on the USDA website, did the trick. Eventually.

'Alarm bells ringing'

It took until around midday Chicago time for prices to start zooming towards their day high just 1 cent shy of $7 a bushel, for December delivery, after a series of comments that maybe this data was worth bothering about after all.

John Clemmow at UBS uttered one: "The alarm bells are already ringing in relation to next season's crop on the back of last night's crop condition ratings, as we really need a decent wheat crop out of the US next year.

"They are after all the world's largest exporter." And Russia and Ukraine, big exporters until drought hurt crops this summer, look likely to be subdued next year, given their falls in winter wheat sowings.

The December lot closed up 2.7% at $6.92 a bushel, doing a little bit better than Paris's November wheat lot, which closed up 2.6% at E215.75 a tonne.

London wheat for November added 1.6% to £161.25 a tonne.

"A stronger pound has stopped the UK gaining one for one with [Paris's] Matif," a report from a leading European commodities merchant said. Sterling gained after strong UK GDP data was seen as cutting the chance of central bankers flooding the economy with cheap money.

'Several trouble areas' 

The trouble with the US wheat crop has been dryness. "The overall impression that there are several trouble areas," Darrell Holaday at Country Futures said.

This looks to have been alleviated to some degree and in some areas by rains in the last few hours. However, these in turn have posed issues for other crops such as corn.

"Extreme winds today. Glad there is not much out in the fields," Mike Mawdsley at Iowa-based broker Market 1 said.

The challenge isn't just nailing the last stages of harvest, but also logistics.

Cash market vs futures 

The "heavy rains and snow accompanied by high winds" set to hit the Dakotas and Minnesota will, Benson Quinn Commodities said, "also limit the movement of cash grain".

"Cash basis levels are liable to firm a little bit as the trade move into the phase of having to entice producers to sell."

US Commodities too noted corn "basis levels starting to improve. Southern Iowa basis levels are about 10 [cents a bushel] under the December futures".

Such moves added a little extra zest to the grain, besides wheat's pull, helping Chicago's December corn lot add 0.4% to $5.71 a bushel.

Dollar muscles up 

Soybeans, which have led the market in many recent days, proved subdued, adding 0.1% to $12.19 a bushel for November delivery.

But then there was for once no news around about fresh exports of US crop to China, although there was talk of two-or-three cargoes, along with three-or-four from South America.

And the dollar was doing its best to put the dampeners on more, soaring 0.8% against a basket of currencies, making US exports less competitive, in a rally attributed to some contagion from the UK, in terms of lower chances of easier monetary policy.

Coffee grinds higher 

The stronger greenback proved sufficient to send many soft commodity futures lower too, with sugar falling 1.9% in New York to 27.91 cents a pound for March delivery, despite Czarnikow saying a market squeeze meant high prices were here to stay. (And we are talking in decades.)

London white sugar for December ended down 1.3% at $708.30 a tonne.

Cocoa also lost its sweetness, losing early gains to close down 1.4% at $2,889 a tonne in New York, and by 2.2% to £1,920 a tonne in London.

It was left to coffee to keep the flag flying, ending 0.6% higher at 201.75 cents a pound in New York, and by 1.1% at £1,854 a tonne in London.

"Again the market demonstrates its buoyancy, even in the face of a stronger dollar as it continues to flex its muscles northwards at any opportunity," Ralph Hawes at Sucden Financial said.