Wheat Market Recap Report
March Wheat finished up 21 1/4 at 666, 1 1/2 off the high and 21 1/4 up from the low. July Wheat closed up 19 3/4 at 691. This was 20 1/4 up from the low and 1 off the high. March wheat experienced another round of buying support to drive the market higher late in the session and close to the early high. The buying caused the market to close sharply higher and experience the highest close since November 8th. Fears of winterkill damage for parts of the Black Sea region and parts of Eastern Europe helped to support strong gains early in the session and the early buying pushed the market up to the highest level since January 3rd. A Russia state forecaster indicated some possible damage down in southern Russia. Traders are also concerned that Russia exports will slow in the months ahead as the country considers export duties in the next few weeks. Talk that the hefty (near record) net short position from fund traders might spark aggressive short-covering over the near-term helped to support. March Oats closed up 6 at 298. This was 7 3/4 up from the low and 1/2 off the high.Bron:CME