Wheat Market Recap Report 1 November
December Wheat finished up 1 3/4 at 630, 4 off the high and 18 up from the low. March Wheat closed up 1 1/4 at 665 3/4. This was 17 1/2 up from the low and 2 1/2 off the high. December wheat closed 1 1/4 cents higher on the session which was up 18 cents from the early lows. Kansas City and Minneapolis wheat closed lower as the turn up in corn and short-covering from fund traders late in Chicago helped to support the bounce. The sharply higher US dollar with weakness in most commodity markets and a sharp break in global equity markets overnight helped to pressure the market early. Greek news of a referendum on it’s bailout plus poor economic news in China helped to pressure. Egypt bought 180,000 tonnes of wheat from Russia and Ukraine with 60,000 to Ukraine paying $247.92 per tonne and 120,000 tonnes from Russia at $252.50 per tonne. Sales were made at $247.92 and $249.30 per tonne on the weekend so the news was seen as slightly supportive and helped the market hold up better than other grains. December Oats closed up 1/2 at 335. This was 7 1/2 up from the low and equal to the high.