Well, nothing changes. Even with the report saying the USDA increased US global wheat-supply estimates (http://online.wsj.com/article/DN-CO-20121109-011476.html), weather has to be taken into consideration to check if it’ll cooperate to prove the USDA estimates to be correct.
Other things to look into would be the situation in Europe. Not only the weather conditions there but also the economic crisis they are currently going through. If everything is now better, how is that going to affect prices? That’s another thing to look into.