May Wheat finished down 2 at 721, 20 3/4 off the high and 3 3/4 up from the low. July Wheat closed down 1 1/2 at 757. This was 3 3/4 up from the low and 20 1/4 off the high. May wheat ended slightly lower on the day with an inside trading session. European milling wheat futures closed lower to offer some selling pressures in the US. Traders see the grain markets as vulnerable to speculative long liquidation selling if support levels are violated. Rains in China were seen as beneficial to the crop and helped to pressure. A turn down in the other grain markets helped to pressure the market to lower on the day after a strong opening. Outside market forces are positive but talk that the two-day surge late last week left the market a bit overbought helped to spark some light long liquidation selling. Weekly export inspection came in at 25.7 million bushels which was above trade expectations and this may have helped provide some underlying support. Inspections need to average 31 million bushels each week to reach the USDA projection. A relatively dry forecast for western Kansas and ideas that the weaker US dollar might spark some increased export interest helped to provide underlying support. However, traders suggested that mid-day weather models were showing a little wetter weather for the plains and this may have helped pressure. Iraq is tendering to buy 100,000 tonnes of wheat from any origin. May Oats closed down 2 at 350. This was 4 up from the low and 9 off the high.

Bron: CME