March Wheat finished down 20 1/2 at 825 3/4, 24 off the high and 1 3/4 up from the low. July Wheat closed down 19 3/4 at 874 3/4. This was 1 up from the low and 22 3/4 off the high. March wheat closed 20 1/2 cents lower on the session but did manage to hold on to a gain of 1 1/4 cents on the week. With Egypt the world’s largest importer, traders became nervous that the rioting in the country could slow demand and slow movement. In addition, overnight weather models indicated increased chances of significant moisture and snow cover for the winter wheat crop and both of these factors were seen as negative for wheat prices after an extremely dry winter in the southern plains. Wheat was also pressured from the international reaction to the Egypt crisis as the surge in the US dollar was seen as another negative force. Romania plans to import near 400,000-500,000 tonnes of wheat this year to provide a consumption buffer until their new crop is available. Russia may eliminate a 5% import tariff on wheat and other markets as of March 1st. Russia grain stocks as of January 1st were pegged at 32.8 million tonnes, down 24.1%. March Oats closed down 4 1/2 at 385 1/2. This was 1/2 up from the low and 10 1/4 off the high.

Bron: CME