March Wheat finished down 16 1/4 at 789 1/4, 19 1/2 off the high and 6 up from the low. July Wheat closed down 13 at 827 1/4. This was 5 3/4 up from the low and 16 off the high. After an impressive rally off of the early lows for March wheat all the way to a high of 801 1/2 in the last hour of trade, March wheat closed sharply lower on the session and closed back under 790. The market followed the other grain markets lower early in the session but wheat appeared to be less effected by the other grain weakness and other commodity weakness and the market bounced well off of the early lows into the mid-session. A turn from lower to higher in the US dollar and weakness in other commodity markets helped to trigger the early weakness. Ideas that some of the snow cover in the central plains could melt this week and leave the crop vulnerable to colder weather for next week helped to provide some underlying support. In addition, continued talk that up to 50% of the Australia crop could grade out as feedgrain was also seen as a supportive force for wheat which did not help support the other grains. March Oats closed down 4 1/4 at 393 3/4. This was 8 1/2 up from the low and 7 1/4 off the high.

Bron: CME