May Wheat finished down 6 3/4 at 810 1/4, 13 off the high and 13 up from the low. July Wheat closed down 7 1/2 at 840 3/4. This was 12 3/4 up from the low and 12 1/2 off the high. The market failed to follow the other grains higher into the close to close moderately lower on the sessions. Talk of some light moisture for western Kansas and Western Oklahoma may have kept buyers on the sidelines but many traders believe that there is not enough rain (1/4 to 1/2 inch for the next few weeks) to slow the dryness issue. Less drought concerns in China and jitters from rising energy prices may have also limited the buying. The market opened higher finding support from higher soybean values and talk of deteriorating crop conditions ahead of the key growing season for the hard red winter wheat crop. However, a turn down for outside markets and a sell-off in soybeans helped spark selling pressure into the mid-session. At a grain conference, a UK Grain official indicated that Russia could produce a grain crop of 86 million tonnes this year which would leave room for exports of 7-10 million tonnes. Deliveries against the March contract for second notice day came in at 1,248 contracts. As of the end of February, the Kansas crop is rated just 25% in good to excellent condition as compared with 53% last year. The poor to very poor reading is 40%. In Oklahoma, just 19% is rated good to excellent from 60% last year with 42% of the crop rated poor to very poor. In Texas, 18% is good to excellent against 46% last year and 56% of the crop is rated poor to very poor. May Oats closed up 8 1/2 at 389 1/2. This was 15 3/4 up from the low and equal to the high.

Bron: CME