Wheat Market Recap Report for 3/18/2011

May Wheat finished up 12 3/4 at 723, 26 off the high and 17 1/2 up from the low. July Wheat closed up 13 1/4 at 758 1/2. This was 18 up from the low and 25 1/2 off the high. May wheat closed 12 3/4 cents higher on the session and managed to close 4 1/4 cents higher on the week but the close was down 26 cents from the session peak. The market saw strong buying and follow-through buying from yesterday’s recovery bounce to help drive the market sharply higher on the day into the mid-session. A relatively dry forecast for western Kansas and ideas that the recent collapse drove the market to a level which enticed better demand helped to support. A private forecast for spring wheat plantings was considered supportive. Tunisia passed on a tender to buy 50,000 tonnes of soft wheat. A further weakening of the US dollar was also seen as a supportive factor to help support the market as US wheat looks competitive on the world market. European wheat exports are well ahead of last year and well above trade expectations and traders see a slowdown as supply tightens. May Oats closed up 17 at 352. This was 15 up from the low and 1 off the high.

Bron: CME