May Wheat finished down 8 at 714 1/4, 16 off the high and 8 1/4 up from the low. July Wheat closed down 7 1/2 at 750 1/4. This was 8 1/2 up from the low and 14 3/4 off the high. The market saw some increased speculative and fund selling to drive the market lower but the market managed to hold above yesterday’s lows and the close was well off of the day’s lows. With some traders expecting rain and snow for the southern plains ahead, the market saw a significant sell-off early in the day. Some forecasters see moisture for the western sections of the southern plains which have been the driest and this helped spark a sharp sell-off in Kansas City wheat which spilled over to the Chicago market. May Kansas City wheat was down more than 20 cents on the day early in the trading session. The UN Food and Agriculture Organization believes global wheat production for the 2011 season will reach 767 million tonnes, up 3.4% from last year. There is some talk of a drier trend in France and Germany but the US weather appears to be the primary reason for the selling pressure. In addition, higher trade for the US dollar helped to pressure. For the weekly export sales report, traders see wheat sales near 650,000 tonnes. May Oats closed down 2 1/2 at 339 1/2. This was equal to the low and 7 1/4 off the high.

Bron: CME