March Wheat finished down 6 3/4 at 767 1/4, 15 3/4 off the high and 1 up from the low. July Wheat closed down 4 1/4 at 816 3/4. This was 1 3/4 up from the low and 14 3/4 off the high. March wheat fell nearly 17 cents in the last hour of trade as higher than expected production from India, the lack of a significant weather threat on the horizon and index fund selling was suspected as negative forces. Stops were also activated when the market pushed under Friday’s lows to move to the lowest level since December 27th. Some exports to Egypt plus ideas that US exports will begin to pick up steam as Europe, Russia and Australia supply of higher quality wheat runs dry helped provide some support early in the day. In addition, strong gains in the other grains added to the positive tone. Weekly export inspections came in above trade expectations at 23.7 million bushels as compared with 27.5 million necessary each week to reach the USDA projection and just 12.6 million last week. Ideas that India production could be higher than expected and news that India January 1st stocks were a whopping 21.5 million tonnes as compared with a target of 8.2 million tonnes helped to limit the early advance. Algeris is tendering to buy 50,000 tonnes of optional origin milling wheat for March shipment. March Oats closed up 8 3/4 at 379 1/2. This was 11 up from the low and 2 1/2 off the high.

Bron: CME