July Wheat finished up 19 at 498 1/2, 1 off the high and 18 1/4 up from the low. December Wheat closed up 17 at 542. This was 14 3/4 up from the low and 1 off the high.

Even with a range of almost 20 cents, the July contract stayed inside of yesterday’s range but closed near the highs and near yesterday’s highs. Supply-side news was seen as mostly negative but traders indicate a massive spec net short position in wheat and traders suggested that short-covering was active today. The lack of significant selling pressure even after continued improvement in crop ratings along with more positive influence from outside market forces helped to support the rally. The winter wheat crop is now rated 69% good to excellent condition which was up from 65% last week and 49% as the 10-year average. Last year, only 43% of the crop was rated good to excellent. The best crop rating for this time of the year was 77% good/excellent in 1993. In that year, July wheat was trading near 315 at this time of the year and posted contract lows on June 17th at 277. The spring wheat crop is now 20% planted as compared with 6% last year and 16% as the 10-year average.

July Oats closed up 2 1/4 at 215 1/2. This was 6 up from the low and 1 1/4 off the high.
Bron:CME