March Wheat finished up 6 1/4 at 803 1/2, 2 1/4 off the high and 21 1/2 up from the low. July Wheat closed up 4 at 853 1/4. This was 19 1/2 up from the low and 1 1/4 off the high. The market pushed from sharply lower on the session to close higher on the day with active buying late helping to boost the market. A late surge in corn and ideas that the US export pace will pick-up steam over the near-term helped to support. Ideas that the recent rally left the market in an overbought condition plus weakness across a wide spectrum of commodity markets helped to pressure the wheat market early in the session. A more urgent tone for the cash market tenders along with inflationary fears helped provide some underlying support. Jordan bought 150,000 tonnes of US hard wheat for March/April shipment. Algeria bought 600,000 tonnes of durum wheat mostly from Canada. Iraq and Tunisia are still working tenders. The International Grain Council raised their world wheat production estimate for 2010/11 to 647 million tonnes, up 3 million from the previous forecast and also indicated that average yield would suggest a world crop of near 670 million tonnes for 2011/12. Traders expect weekly export sales, for release before the opening, to come in near 750,000 tonnes. The European Union granted export licenses for 171,000 tonnes of soft wheat this week which pushed the cumulative total for the marketing year to 12.05 million tonnes as compared with 9.6 million tonnes last year by this date. March Oats closed down 4 1/2 at 382. This was 11 3/4 up from the low and 7 off the high

Bron: CME