Related Keywords: Agriculture Email Print | September Wheat finished up 27 1/2 at 708 1/4, 1 off the high and 26 1/4 up from the low. December Wheat closed up 27 1/2 at 741 1/4. This was 27 1/4 up from the low and 3/4 off the high. The wheat market resumed its leadership role again today with a sharp rally that started early in the day session. This took the December contract to its highest level since August 13th. Traders said that strong export demand continues to shift wheat export business in the direction of the United States as numerous countries seek to replace regional and international sources. Demand is also shifting business to the UK where feed wheat is running at a sharp discount to French wheat according to trade sources. Traders said that overall support continues to come from yesterday’s decision by Russia to extend its ban on grain exports until after next year’s harvest. A lower dollar also added support as US wheat develops an increasingly strong competitive position in virtually all corners of the world wheat market. The USDA reported a fresh sale of 100,000 tonnes of hard red winter wheat to Egypt this morning, along with a sale of 275,000 tonnes of hard red winter wheat to an unknown destination. A newspaper in Egypt quoted a government official this morning as saying that the country’s wheat reserves are large enough to last through the end of January. A widely-followed German crop forecaster lowered its world wheat estimate for 2010/11 by about 4 million tonnes which would put total production at about 4 1/2 million tonnes below the USDA’s latest estimate of 645.73 million. December Oats closed up 11 at 295. This was 13 1/2 up from the low and 2 off the high. Bron:CME