May Wheat finished up 3 1/4 at 799, 2 3/4 off the high and 42 1/4 up from the low. July Wheat closed up 5 at 831 1/2. This was 41 1/2 up from the low and 1 off the high. The market managed to close near unchanged on the session and near the highs of a 44 3/4 cent range. The market pushed moderately lower early in the session early today led by talk of rain for the northern China winter wheat areas, follow-through technical selling from the limit-down move yesterday and talk from India of a large crop and potential for increasing exports ahead. Ideas that the market was oversold after a 3-day break of as much as $129 3/4 helped to spark talk of the oversold condition. India officials have indicated the potential for a large crop in excess of annual consumption and higher than last year for the upcoming harvest and there is talk that with current wheat stocks well above needs, perhaps India should increase exports on the world market. Egypt bought 235,000 tonnes of soft wheat from France and the US this morning with 115,000 of the total coming from the US. Saudi Arabia is apparently tendering to buy 275,000 tonnes of milling wheat taking advantage of the break off of the highs. This would be their first major purchase of the year. In addition, Tunisia is tendering for 75,000 tonnes of milling wheat, Iraq is still tendering for 100,000 tonnes of wheat and United Arab Emirates is tendering to buy 40,000 tonnes. Morocco will tender to buy 280,000 tonnes of wheat to be used for subsidized flour. May Oats closed down 12 1/2 at 385. This was 16 3/4 up from the low and 3 1/4 off the high.

Bron: CME