March Wheat finished down 3 1/4 at 837, 12 1/4 off the high and 11 1/2 up from the low. July Wheat closed down 2 1/4 at 897 3/4. This was 12 1/4 up from the low and 11 1/4 off the high. March wheat closed 3 1/4 cents lower on the session and near the middle of a 23 3/4 cent range. Some talk of better moisture for parts of the US winter wheat growing areas plus a continued long liquidation trend from speculators helped to pressure the market into the mid-session to trade sharply lower on the day and a new low for the month. However, a turn down in the US dollar and a recovery in soybeans helped the market recover off of the lows. News that Egypt bought 180,000 tonnes of wheat with 120,000 of the total from the US helped to provide some early support and private exporters also reported that they sold 100,000 tonnes of US wheat to Iraq. Brazil sold 150,000 tonnes of milling wheat to Bangladesh. March wheat was down as much as 67 3/4 cents off of the February 9th peak on the early break. Open interest was down 13,120 contracts on the sharp break yesterday which many believe to be long liquidation selling. Traders see weekly export sales, released before the opening, near 500,000 tonnes from 507,300 tonnes last week. March Oats closed down 1 at 404 1/2. This was 2 1/2 up from the low and 4 1/2 off the high.

Bron: CME