March Wheat finished up 1 1/2 at 764 3/4, 11 3/4 off the high and 5 up from the low. July Wheat closed up 3 at 798 3/4. This was 5 1/4 up from the low and 10 1/4 off the high. March wheat posted a modest gain for the day following a strong start to the day session that was tied to a burst of export demand for US hard red winter wheat from the Middle East. However, traders said that persistent strength in the dollar pushed spec buyers to the sidelines as the day wore on amid concern that managed funds might resume their long-standing selling pattern in wheat if the dollar continues to move higher. Wheat gained on corn on the day, although wheat saw gains from earlier in the day trimmed by the close as the dollar continued to gain strength. Rains in eastern Australia continue to be more widely scattered this week which is expected to improve harvest progress if the pattern continues through the remainder of the week and on into the weekend. Egypt bought 230,000 tonnes of wheat on a tender announced yesterday. Of this total, 120,000 was soft wheat from France with the remaining 110,000 tonnes consisting of US hard red winter wheat. Jordan was also a buyer this morning of 150,000 tonnes of US hard red winter wheat. The USDA will release its weekly Export Sales report tomorrow with traders expecting a combined total of up to 650,000 tonnes. Sales need to average 397,700 tonnes each week to reach the USDA’s current export projection. March Oats closed down 1 1/2 at 383 1/2. This was equal to the low and 7 1/2 off the high.

Bron: CME