May Wheat finished up 30 3/4 at 775, 5 off the high and 34 1/2 up from the low. July Wheat closed up 30 3/4 at 810 3/4. This was 35 up from the low and 5 off the high. July wheat closed sharply higher on the session and up 45 1/2 cents from the lows from Friday. Talk of more snow and wet weather in the northern plains for the coming week, fears of difficulties in getting the spring wheat and Canadian Prairies crops planted, a dry forecast for the next week for the southern plains, talk of potential irreversible yield damage in China if there is no rain in the next week or two plus dryness concerns for France and Germany are all weather factors which helped support the solid gains. In addition, traders suggested some light damage for winter wheat crops due to freezing weather on the weekend as far south as the Texas panhandled added to the supportive weather news. Active fund buying was noted to help drive the market sharply lower. Outside market forces were consider negative today but buying was active with the poor weather impact on yield potential for the new crop season. News from Russia that they will not lift their export ban until at least July added to the positive tone. The surge higher in the US dollar and weakness in equity markets failed to pressure. A Canadian Wheat board official indicated that producer plantings in Western Canada are now expected to be ten days to three weeks behind schedule. Lebanon is tendering to buy 50,000 tonnes of milling wheat; Bahrain is tendering to buy 30,000 tonnes. Iraq plans on importing 3.25 million tonnes this year from 1.9 million tonnes last year. Weekly export inspections came in at 35.7 million bushels which was higher than expected and compares with 31 million bushels necessary each week to reach the USDA projection. Cumulative exports have reached 83.3% of the USDA forecast for the season as compared with 86% as the 5-year average for this time of the year. Traders will monitor weekly winter wheat crop conditions this afternoon and also planting progress for the spring wheat crop. July KC wheat was up as much as 39 1/2 cents and closed 30 1/2 cents higher on the session. May Oats closed up 4 1/2 at 387 1/2. This was 8 3/4 up from the low and 2 1/2 off the high.

Bron: CME