March Wheat finished up 3 at 838 1/4, 1 1/4 off the high and 17 1/2 up from the low. July Wheat closed up 3 3/4 at 882 1/2. This was 16 1/4 up from the low and 3/4 off the high. July wheat saw a rally of 10 cents in the last hour of trade to move near 3 cents higher on the day. Dry weather in the southern plains and the threat of cold weather moving down from Canada next week which might threaten some crop damage helped to provide some support along with commercial support on the early sell-off. Ideas that Egypt and Iraq may be buyers of US wheat soon helped to support. March wheat also recovered to close higher. Bearish outside market forces plus weakness in other commodity markets helped push the market lower early today but while soybeans and corn remained under pressure into the mid-session, the wheat market pushed up to back near unchanged on the day. The strength in the dollar helped to pressure the market and weakness across most commodity markets added to the negative tone. Ideas that commercial buyers might be active on minor set-backs helped to support the market. The 46 1/2 cent rally in just three trading days helped support talk that the market is in a short-term overbought condition. Kansas City wheat pushed higher on the day and this helped to provide underlying support. March Oats closed down 6 at 381. This was 2 up from the low and 11 3/4 off the high.

Bron: CME