Wheat Market Recap Report 27 December
March Wheat finished up 22 3/4 at 644 3/4, 2 1/4 off the high and 17 3/4 up from the low. July Wheat closed up 20 1/2 at 676. This was 15 3/4 up from the low and 2 1/4 off the high. March wheat gapped higher this morning and traded to its highest level since mid-November. The market found support from sharply higher corn and soybean markets, which rallied off of crop concerns after the weekend's rains came up short of expectations. More hot and dry weather is forecast over the next 10 days or so. The wheat market also found support from a weaker dollar and higher stock market. Weekly export inspections for wheat came in at 13.466 million bushels versus 16.426 million last week and 15.176 million needed each week to reach the USDA forecast for the year. Cumulative sales have reached 62.7% of the forecast for the marketing year versus a 5-year average of 58.7% for this time of the year. March Oats closed up 6 3/4 at 318. This was 4 1/2 up from the low and 1/2 off the high.