March Wheat finished up 7 at 756 3/4, 1 1/4 off the high and 14 3/4 up from the low. July Wheat closed up 7 at 794 1/2. This was 14 up from the low and 1 off the high. March wheat traded higher for most of the overnight session and pushed lower on into the start of the day session before recovering to close moderately higher on the day. Traders said that today’s action was dictated in part by shifts in the dollar along with spread trading and short covering ahead of the weekend. Crop prospects from Australia and Argentina are thought to be largely priced into the market. Rains in Australia had reduced wheat quality in much of the SE to feed quality and delayed harvest in that region prior to this week, but a dry spell has allowed harvest to resume. Conditions in Argentina have been largely favorable, and with harvest well underway there a major local commodity exchange has raised its production estimate for wheat for the year. However, this comes in a week that saw stepped up wheat demand from the Middle East and a big jump in the weekly export sales total from the USDA. March Oats closed up 1 at 386 1/2. This was 2 up from the low and 4 off the high.

Bron: CME