May Wheat finished down 9 at 773 1/4, 19 3/4 off the high and 16 up from the low. July Wheat closed down 9 1/4 at 809. This was 21 up from the low and 20 3/4 off the high. May wheat closed moderately lower on the session and pushed to a 4-session low. Strength in corn and some talk of stressful weather for the plains ahead helped to support the early strong gains. However, news of an earthquake in Japan helped spark an aggressive long liquidation trend in many commodity markets and while many markets saw a quick recovery, wheat remained under heavy selling pressure into the mid-session. Talk of increased rain chances for parts of the plains may have helped to hold the market down. Weekly export sales came in at 458,800 tonnes for the current marketing year and 264,100 for the next marketing year for a total of 722,900. Cumulative wheat sales stand at 97.5% of the USDA forecast for 2010/2011 (current) marketing year versus a 5 year average of 93.2%. Weekly old crop sales of just 97,000 tonnes are needed each week to reach the USDA forecast. The EU granted export licenses of 286,000 tonnes this week which pushed cumulative exports for the entire 2010/11 season to 15.7 million tonnes, up from 13.7 last year at this time. July KC wheat is now down as much as 48 1/2 cents off of Tuesday’s highs. Traders see an increase in ending stocks for the supply/demand report in the morning of about 15-20 million bushels from last months USDA estimate of 843 million bushels. May Oats closed down 18 1/2 at 373 1/2. This was equal to the low and 23 1/4 off the high.

Bron: CME