May Wheat finished down 6 1/4 at 733 1/4, 19 3/4 off the high and 6 3/4 up from the low. July Wheat closed down 6 at 768 3/4. This was 6 3/4 up from the low and 18 1/2 off the high. May wheat closed 6 1/4 cents lower on the session but up 10 1/4 cents for the week. The early rally pushed the market to the highest level since March 10th before a turn lower and the market closed 19 3/4 cents lower from the day’s peak. Talk of China buying corn with the announced sale of 1.25 million tonnes to unknown destination, talk of China buying US wheat in yesterday’s weekly sales report plus uncertainty on winter wheat weather for the western sections of the southern plains helped support strong gains early in the session. Profit-taking selling emerged early in the day and the selling intensified into the mid-session as stops were activated when the market turned lower on the day. End of the week long liquidation selling was seen as active with some talk that grain traders did not want to hold longs over the weekend with uncertainty on the Japanese situation. European million wheat futures were up 3% today finding support from dryness issues in France. May Oats closed up 1/2 at 349. This was 2 3/4 up from the low and 4 off the high.
Bron:CME