May Wheat finished up 48 1/4 at 710 1/4, 8 1/2 off the high and 47 1/4 up from the low. July Wheat closed up 49 1/4 at 745 1/4. This was 48 3/4 up from the low and 7 3/4 off the high. May wheat opened 23 3/4 cents higher on the session and closed near 49 cents higher on the day as a limit-up trade in corn and talk of a strong export outlook for wheat helped to support. A threatening weather pattern for US wheat plus a sharp drop in the US dollar and strong weekly export sales supported solid gains early in the session. Talk of the oversold condition of the market and a jump of more than 3% in European milling wheat prices added to the positive tone. Weekly export sales came in at 663,700 metric tonnes for the current marketing year and 195,100 for the next marketing year for a total of 858,800 which was above trade expectations. Cumulative wheat sales stand at 93.5% of the USDA forecast for 2010/2011 (current) marketing year versus a 5 year average of 89.1%. Old crop sales of just 190,000 metric tonnes are needed each week to reach the USDA forecast. Iraq and Indonesia were the strongest buyers. Tunisia announced a new tender to buy 50,000 tonnes. The European Union this week granted licenses for 540,000 tonnes of soft wheat which is the largest weekly total in two months. This pushed cumulative sales so far this season to 14.6 million tonnes as compared with 12.7 million last year. May Oats closed up 20 at 335. This was 18 3/4 up from the low and equal to the high.

Bron: CME