December Wheat finished up 47 1/4 at 697 1/2, 4 3/4 off the high and 47 up from the low. March Wheat closed up 49 1/2 at 740. This was 49 up from the low and 5 off the high. March wheat moved higher in stages overnight and into the start of the day session. Another new high was posted in mid morning. Prices eased from the highs in late morning, but the March contract firmed to near the earlier highs prior to the close. This took the March contract to its highest level since November 12th. Traders said that support came from dry weather in the US hard red winter wheat belt, harvest-delaying rains in eastern Australia, a lower dollar and Egypt’s purchase of both hard and soft US wheat today. One analyst noted that wheat may also be benefiting from fund buying to start the month of December since trend-following (managed) funds are holding a large net short position in wheat. Egypt’s state buying agency, GASC, reported this morning that Egypt bought 55,000 tonnes of US soft wheat and 165,000 tonnes of US hard wheat. All of it is for shipment during February 1-10. Traders said that the fact that all of the wheat was from the US was considered supportive. March Oats closed up 13 at 363. This was 18 1/2 up from the low and 1/2 off the high.

Bron: CME