December Wheat finished up 5 1/2 at 647 1/2, 8 1/2 off the high and 5 1/4 up from the low. March Wheat closed up 4 1/2 at 685 1/4. This was 4 1/4 up from the low and 10 3/4 off the high. March wheat remained in the narrow range that has been in place since late last week during trade this morning and into early afternoon. Traders said that an early rally in soybeans and corn combined with a break in the dollar helped push March wheat to a substantial gain to start the day session. This took the market to near the highs of the past week, but as other markets eased and the dollar trimmed its losses, wheat also gave back most of its gains into early afternoon. Traders said that a flurry of news sparked increased activity early in the day, but volume settled down as many traders evened up ahead of tomorrow’s holiday closing. Traders said that wheat was mainly a follower today as soybeans rallied on news of a big sale to China and corn rallied on reports that the Government of China is urging increased agricultural lending due to a looming shortfall in corn and other commodities. Sources indicate that Iraq will tender to buy at least 100,000 tonnes of optional origin wheat. Traders report that Tunisia has rejected all bids on its tender for 25,000 tonnes of soft milling wheat. Weather in Australia remains dry to very dry in western growing areas. Sources say that this continues to reduce yield potential there. The opposite is largely true in the more important growing areas of eastern Australia where wet and cool conditions are boosting yield prospects in some late-developing areas, but raising quality concerns and raising worries over harvest delays in areas that are closer to maturity. Weather forecasters in the US indicate that conditions are likely to remain dry in the hard red winter wheat belt in coming days. March Oats closed up 1/2 at 360 1/2. This was 1 1/2 up from the low and 3 off the high.

Bron: CME