Related Keywords: Agriculture Email Print | September Wheat finished down 18 3/4 at 652 1/2, 27 1/4 off the high and 2 up from the low. December Wheat closed down 18 3/4 at 685 3/4. This was 2 3/4 up from the low and 28 1/4 off the high. December wheat moved from lower to near unchanged overnight and then continued to advance into the start of the day session. However, the market pushed back near the overnight lows by late morning before making substantial new lows for the day into early afternoon. Wheat posted a substantial loss versus corn on the day in moderately active trade by spreaders. The UN Foreign Agriculture Organization lowered its world cereal grain forecast for 2010/11 today to 2.238 billion tonnes from their previous estimate of 2.280 billion. Russian wheat production was lowered to 43 million tonnes from their previous forecast of 48 million. The FAO’s world wheat forecast was lowered to 646 million tonnes from 651. World wheat usage was raised to 665 from 659. World rice output was lowered to 467 million tonnes from 472 million. Traders report that there were no bidders on Morocco’s tender for 140,000 tonnes of wheat due primarily to the fact that Morocco’s import tariffs remain at 80%. They announced yesterday that the tariffs will be scrapped as of September 16th. Egypt tendered for more wheat after the close. December Oats closed down 1 1/2 at 276 3/4. This was 3 3/4 up from the low and 4 off the high. Bron:CME