Wheat Market Recap Report for 11/5/2010
December Wheat finished up 15 at 728 3/4, 2 3/4 off the high and 23 3/4 up from the low. March Wheat closed up 15 1/2 at 769. This was 24 1/4 up from the low and 2 1/2 off the high. After weak trade early in the session and choppy trade into the mid-session, the market saw solid buying support late in the day to drive the market moderately higher into the close and above the November 1st highs. July wheat pushed above the August highs and moved to the highest level since September of 2008 as traders remain concerned with dry weather to drive new crop wheat over $8.00. The market saw some early weakness from news of a higher US dollar but speculative buying emerged to support the market on the early break and futures pushed moderately higher on the day into the mid-session. Dryness concerns for continued dry weather for western areas of the plains provided some support for the rally as crop conditions have deteriorated. Traders see few changes for next week’s supply/demand reports and the market seems to be sensitive to movement in the US dollar with slow export sales news recently a concern despite the dollar movement. Talk that the plains could be dry until late next week may have helped spark the late day buying. December Oats closed down 2 1/4 at 375 1/4. This was 13 1/4 up from the low and 4 off the high.