March Wheat finished up 13 3/4 at 850 3/4, 2 3/4 off the high and 13 up from the low. July Wheat closed up 16 at 913 3/4. This was 14 3/4 up from the low and 3/4 off the high. The market closed moderately higher on the session as weather uncertainty persists. News from the China Agriculture Ministry that the China drought likely to last in the northern winter wheat growing areas helped support. In addition, a dry forecast for China winter wheat areas and a dry forecast for the western and southern areas of the US winter wheat crop region were factors to help drive wheat futures higher early in the session. The forecast for central and eastern Kansas and other parts of the winter wheat belt which are not suffering from dryness as much as the west was mixed. Another cold weather forecast was seen as potentially positive but there is snow ahead of the cold weather as well. In addition, weekly export sales were higher than expected and the daily sales announcements were also supportive. Turkey has apparently bought 300,000 tonnes of milling wheat from the US and Kazakhstan with half to each country. Japan bought 153,858 tonnes of US and Canadian wheat at their weekly tender. In the weekly sales report, old crop sales were 599,400 metric tonnes and sales for the 2011/12 season were 126,900 tonnes for a total of 726,300. As of February 10th, cumulative old crop wheat sales stood at 83.8% of the USDA forecast for 2010/2011 (current) marketing year versus a 5 year average of 84.3%. Sales of 362,000 metric tonnes are needed each week to reach the USDA forecast. The European Union this week granted export licenses for 356,000 tonnes of soft wheat which pushed the cumulative total for the 2010/11 season to 13.1 million tonnes as compared with 11.3 million last year at this time. March Oats closed up 10 1/2 at 415. This was 10 1/4 up from the low and 2 off the high.

Bron: CME