May Wheat finished down 38 3/4 at 759 1/2, 43 1/4 off the high and 9 up from the low. July Wheat closed down 39 1/2 at 792 1/4. This was 9 up from the low and 43 off the high. July wheat traded as much as 48 1/2 cents lower on the session early in the session and closed sharply lower on the day and about 10 cents up from the early lows. Commodity markets experienced aggressive fund trader selling across the board today and wheat was no exception. A major investment bank initiated a “take profits in commodities” recommendation and that was enough to spark the selling and the market pushed down to the lowest level since April 1st early in the session. Concerns of a significant impact on slowing the Japanese economy if the nuclear issues are not resolved soon and news that radiation levels are increasing helped to pressure the market. Mixed views on the rain outlook for the southern and western plains added to the volatility in wheat and with crops under stress, a soaking rain is badly needed. Traders are also concerned with dry weather in China, Europe and Australia and a wet and cold spring outlook for the Canadian Prairies. The weekly Winter Wheat Conditions report, released after the close, showed that just 36% of the crop is rated good/excellent compared to 37% last week and 65% last year. The 10 year average for this time of year is 50%. The lowest percent rated good/excellent was 27% in 1996. Kansas is rated 28% good to excellent from 69% last year while Oklahoma is just 11% from 71% last year and the worst ever at 10% in 1996. Iraq is tendering to buy 100,000 tonnes of wheat from any origin. A record crop harvest and already high storage stocks has traders believing that India will be an exporter of wheat this year. May Oats closed down 10 1/2 at 391. This was 4 1/2 up from the low and 9 3/4 off the high.

Bron: CME