May Wheat finished down 53 at 667 3/4, 55 3/4 off the high and 6 3/4 up from the low. July Wheat closed down 52 1/2 at 700 1/2. This was 6 1/2 up from the low and 54 3/4 off the high. The market collapse under the weight of aggressive long liquidation selling from fund traders and speculators which drove May wheat to the lowest level since last July. May wheat is now down as much as 27.7% from the February highs. The short-term action in the market seems to be mostly motivated by a move from hedge fund traders and investors in general who are moving out of commodity and growth oriented securities to a cash position. Ideas that the global economy could slow while Japan rebuilds and that short-term movement of commodities into Japan could slow helped to pressure. Uncertainty regarding radiation leak has added to the tendency for traders to exit longs and stand aside. The state-by-state crop condition updates in the US showed some improvement for the Kansas crop with 26% rated good to excellent from 25% last week and 63% last year at this time. Oklahoma wheat improved by 5% to 27% good to excellent. Traders see little or no rain in the forecast for the western part of the plains in the next week with some rains for the eastern plains. May Oats closed down 20 at 324. This was equal to the low and 24 1/4 off the high.

Bron: CME