December Wheat finished down 14 1/2 at 721 3/4, 39 off the high and 4 1/2 up from the low. March Wheat closed down 15 at 761 1/4. This was 4 1/2 up from the low and 38 3/4 off the high. December wheat finished lower following a day of broadly mixed trade. This started with a steady rally during the overnight session. Gains were extended to start the day session as soybeans and corn rallied sharply in the wake of the USDA’s Crop Production and supply and demand reports. However, the wheat market trimmed its gains later in the morning and then pushed to a substantial loss prior to the close as the dollar moved higher. The late break took the December contract below yesterday’s low. On today’s supply and demand report, the USDA lowered US all-wheat ending stocks to 848 million bushels from 853 in October. All-wheat production was revised down to 2.208 billion bushels from 2.224 billion in October. On the world front, Argentina’s production was raised to 13.5 million tonnes from 12.0 million in October. Australian production was raised to 24.0 million from 23.0 million October. World production was up to 642.89 from 641.44 million tonnes last month with usage up by nearly 2 1/2 million tonnes. Ending stocks were lowered to 172.51 from 174.66 million tonnes in October. The increased world usage number was paced by a projected 2.0 million tonne increase in feed usage for China in 2010/11 to a total of 11.0 million tonnes. As a result, the USDA raised China’s wheat imports to 1.0 million tonnes from 0.5 million in October. December Oats closed down 3 1/2 at 373. This was 2 1/2 up from the low and 13 3/4 off the high.

Bron: CME