Wheat Market Recap Report

December Wheat finished up 7 1/2 at 648 1/4, 7 1/2 off the high and 24 up from the low. March Wheat closed up 8 at 683 1/4. This was 24 3/4 up from the low and 6 1/4 off the high. December wheat closed higher on the session with an outside trading day after the market first moved to the lowest level since July of 2010. Talk of a drier trend for the central and southern plains for the next few weeks plus continued talk of the oversold technical condition of the market helped to support a strong short-covering rally after the lower opening. News of rain possibilities starting on Wednesday for dry areas of Argentina may have helped limit the advance. A recovery in outside market forces plus a surge higher in corn helped to support. Weekly export inspections came in at 21.6 million bushels which was near the lower end of expectations. Export shipments need to average 18.3 million bushels each week to reach the USDA projection for the year. Cumulative shipments have reached 36.3% of the forecast for the season as compared with the 5-year average of 34.8%. The COT report showed a hefty net short position from fund traders and this, along with the recent higher trend for open interest had traders anticipating an extreme oversold condition. December Oats closed down 1 1/2 at 330. This was 6 1/2 up from the low and 7 1/4 off the high.Bron:CME