March Wheat finished down 23 1/4 at 862 3/4, 23 1/4 off the high and 1 3/4 up from the low. July Wheat closed down 23 3/4 at 921. This was 1 1/4 up from the low and 23 1/4 off the high. March wheat fell near 8 cents in the last half hour of trade to close near the lows and down 23 1/4 cents on the session. Slower than expected export sales, a strong US dollar and talk of some moisture for China and US winter wheat areas helped spark the early weakness in the wheat market today. A rally in corn futures and a strong recovery for many other commodity markets helped support the bounce into the mid-session. Weekly export sales came in at 391,300 metric tonnes for the current marketing year and 116,000 for the next marketing year for a total of 507,300. This was below expectations. As of February 3rd, cumulative wheat sales stand at 82.1% of the USDA forecast for 2010/2011 (current) marketing year versus a 5 year average of 82.9%. Old crop sales of 376,000 metric tonnes are needed each week to reach the USDA forecast. The EU this week granted export licenses for 128,000 tonnes of soft wheat which was the third lowest weekly total of the year. However, cumulative exports have reached 12.8 million tonnes from 10.7 million last season at the same date. After the close, Egypt tendered for hard and soft wheat from various locations including the US. March Oats closed down 5 1/2 at 419. This was 3 1/2 up from the low and 6 off the high.

Bron: CME