March Wheat finished up 13 at 783 1/2, 4 off the high and 14 1/4 up from the low. July Wheat closed up 14 1/2 at 837 1/2. This was 15 1/2 up from the low and 2 1/2 off the high. While US wheat weekly export sales were at a 10 1/2 month low and there were revisions higher for the Argentina crop size, the wheat market stayed strong late in the day to close moderately higher on the day. Ideas that European stocks are tightening and that the sharp break in the US dollar could spark increased interest in US wheat plus talk that buyers are getting more active due to inflationary fears helped to support the solid gains. The Buenos Aires Grains Exchange indicated today that the wheat crop in Argentina would come in near 15 million tonnes as compared with their previous estimate of 14.5 million tonnes. This estimate compares with the USDA estimate yesterday at 14.0 million tonnes. Follow-through technical buying from the positive action yesterday, further concerns for tightness of higher quality wheat on the world market plus a surge higher in corn helped to support solid gains for the wheat market into the mid-session. Weekly export sales for US wheat came in below trade expectations at 147,300 metric tonnes for the current marketing year and 27,900 for the next marketing year for a total of 175,200. Cumulative wheat sales stand at 74.0% of the USDA forecast for 2010/2011 (current) marketing year versus a 5 year average of 76.4%. Sales of 440,000 metric tonnes are needed each week to reach the USDA forecast. The European Union granted export licenses for the week at 675,000 tonnes which pushed cumulative sales for the season to 11.9 million tonnes, up 31% from last season. Inflationary concerns and reluctance by India to allow exports added to the positive tone and the falling US dollar was also seen as supportive. March Oats closed up 2 at 396 1/2. This was 3 1/4 up from the low and 3 off the high.

Bron: CME