USDA's biggest data dump of the year is Thursday, Jan. 12, with USDA releasing information on the amount of corn and soybeans actually produced last year, wheat seedings and more. There's lots of potential for surprises in the numbers.

Index fund rebalancing starts today, with the Goldman Sachs fund the biggest. Index funds do this rebalancing every year at this time and it is giving strength to the wheat market.

Cold weather in the Plains tends to raise questions about the condition of the winter wheat crop, which should help prices, but the Ukraine appears to be having ideal winter wheat growing conditions. Soybean harvest is beginning in South America so favorable weather conditions needed to bring in the crop.