May Wheat finished down 5 3/4 at 662, 35 1/2 off the high and 6 up from the low. July Wheat closed down 4 1/2 at 696. This was 5 up from the low and 34 off the high. After trading as much as 29 3/4 cents higher on the session, May wheat closed 5 3/4 cents lower on the day. The market saw solid support early in the day from a general relief from the aggressive fund selling activity seen in the past several days. Ideas that the market is oversold after the recent collapse and talk that the break may bring about some increased demand helped to support. In addition, the market was supported from a generally dry forecast for the western sections of the winter wheat belt in the US. However, a general commodity market sell-off led by weakness in the US stock market and continued thoughts that short-term shipments to Japan could slow helped to pressure the market. The sharp break in corn was also seen as a negative force to spark additional long liquidation selling. July wheat is now down as much as $2.59 3/4 per bushel (27.8%) off of the February 9th peak. Tunisia bought 25,000 tonnes of soft wheat at their tender. European milling wheat futures were up 5% overnight to provide some support as well. Weakness in the US stock market into the mid-session helped pull the market well off of the early highs. May Oats closed down 9 at 315. This was 1 1/2 up from the low and 18 3/4 off the high.

Bron: CME