December Wheat finished up 31 1/2 at 738, equal to the high and 23 3/4 up from the low. March Wheat closed up 30 1/2 at 779. This was 31 3/4 up from the low and 3 off the high. March wheat closed 30 1/2 cents higher on the session which resulted in a strong gain of 91 3/4 cents for the week. The market saw increased weather concerns from Australia and a sharp break in the US dollar as positive forces to drive March wheat to the highest level since November 9th. Growing concerns for major damage to the quality of the Australia crop helped support active buying and short-covering. Talk that up to 90% of the Australia crop could be downgraded to feed grade helped spark some of the buying as the rain persists. Traders see increased demand ahead for US wheat as buyers shift away from Europe and Australia and the turn down in the US dollar just adds to the demand outlook. A sharp rally in the gold market added to the positive tone. March wheat has now rallied as much as 91 cents in the past three trading sessions. Stats Canada pegged the total wheat crop there at 23.2 million tonnes from 22.2 million as their previous forecast which was a larger than expected adjustment higher in production. China continues to try to hold down prices in their inflation fight and on top of their weekly auctions of government owned reserve wheat, China is also expected to supply large flour processors wheat in order to help hold down wheat and flour prices. March Oats closed up 6 at 367. This was 3 up from the low and 2 1/2 off the high.

Bron: CME