Wheat Market Recap Report for 11/17/2010
December Wheat finished up 6 1/4 at 632 1/2, 14 1/2 off the high and 14 3/4 up from the low. March Wheat closed up 6 3/4 at 671 1/2. This was 15 1/4 up from the low and 14 3/4 off the high. March wheat finished higher on the day, despite seeing its gains trimmed after the market peaked in mid session. Wheat gained on both corn and soybeans today as those markets finished lower in old crop contracts. This came on a spotty recovery in commodity markets as the dollar sold off into the morning hours and remained marginally lower into early afternoon. The USDA will issue its latest weekly Export Sales report tomorrow morning. Traders are expecting a total of up to 600,000 tonnes. This would be down from last week’s total of 832,000 tonnes, but above the 441,100 tonnes needed each week to reach the USDA’s current export projection in wheat. Traders said that the bounce in wheat was mainly technical with a boost from forecasts that call for more dry weather in the US Plains hard red winter wheat belt over the next week. The east central Plains and much of the southern Plains saw welcome rains last week, but the western and north central Plains remained dry. One analyst noted that the 7 days of additional dryness expected by some forecasters would put substantial additional stress on wheat in the major dry patches as the winter crop nears dormancy. March Oats closed up 4 3/4 at 359 3/4. This was 11 up from the low and 4 1/4 off the high.Bron: CME