March Wheat finished up 15 at 840 3/4, 7 off the high and 17 3/4 up from the low. July Wheat closed up 14 3/4 at 889 1/2. This was 17 1/4 up from the low and 6 1/4 off the high. Less snow cover than expected for the western winter wheat belt ahead of cold weather for the middle of the week helped support strong gains in wheat today. In addition, ideas that the Egyptian situation did not expand over the weekend and a sense that situation could be resolved fairly quickly helped support US equities and reduced some of the threat that wheat imports by Egypt would be threatened. Ideas that the break on Friday was overdone helped support strong gains early in the session today. A weaker US dollar added to the positive tone as the tender wire remains active. There appears to be a little less snow for far western areas of the winter wheat growing region and high winds with only light snow just ahead of much colder weather may leave parts of the area vulnerable to winterkill. Weekly export inspections came in at 21.3 million bushels which was about as expected. This compares with 24.6 million last week and 30.7 million as the weekly average necessary to reach the USDA projection. Egypt officials indicated that wheat imports are arriving at ports on schedule and this helped relieve some of the fears of the crisis impact on total demand. March Oats closed up 10 1/2 at 396. This was 20 up from the low and 1/4 off the high.

Bron: CME