July Wheat finished down 23 at 479 1/2, 22 off the high and 1 1/2 up from the low. December Wheat closed down 21 at 525. This was 1 1/4 up from the low and 20 1/2 off the high.

With the sharp break today, July wheat has given back more than half of the gains seen since the April 5th low and the close was seen as weak technical action with the close near the lows. After pushing to the highest level since March 22nd on Friday, strength in the US dollar and weakness in other grain markets helped to pressure wheat this morning and the selling persisted into the close. The early selling drove the market below Friday’s lows into the mid-session which may have attracted increased sell-stops and lower prices. A drop in open interest in the past week is seen as a factor which could mean that funds are covering short positions. Trend-following funds (non-commercial without CIT traders) held a net short position of 69,846 contracts as of April 13th which was down just 4,440 contracts for the week. Weekly export inspections came in at 17.678 million bushels which was in the range of trade expectations and very close to the weekly average necessary each week to reach the current USDA export forecast. Algeria is tendering to buy 50,000 tonnes of optional origin milling wheat. The Canadian Wheat Board indicated that the country is on track to export near 19 million tonnes of grain for the 2009/10 season which is up slightly from 18.7 million expected in May.

July Oats closed down 6 3/4 at 213 1/4. This was 4 1/4 up from the low and 7 3/4 off the high.
Bron:CME