March Wheat finished down 10 1/4 at 846 1/4, 17 1/4 off the high and 3/4 up from the low. July Wheat closed down 6 3/4 at 894 1/2. This was 1 1/4 up from the low and 14 1/2 off the high. After closing higher for seven sessions in a row and posting new highs overnight, March wheat closed moderately lower on the session today and near the lows of the day. Talk of a little more rain in the US forecast, talk of the overbought condition of the market and a lack of new news in the cash or export tender market to spark more buying helped spark the selling. A little "less" concerns for dormant crops in the US and China helped to spark the long liquidation sell-off early. Ideas that the market is overbought plus a significant recovery bounce in the US dollar from the overnight lows helped to pressure the market and weakness in gold and energy markets may have added to the long liquidation selling trend. Weekly export sales for wheat, came in at 894,100 metric tonnes for the current marketing year and 153,600 for the next marketing year for a total of 1.047 million tonnes. Old crop sales of 385,000 metric tonnes are needed each week to reach the current USDA forecast. Traders see some rains in Oklahoma and Texas into next week to help ease dryness concerns and China wheat officials do not see their drought conditions as abnormal for this time of the year and see the dryness as not as bad as recent winters. The EU granted export licenses for 240,000 tonnes of soft wheat this week which pushed the total for the marketing year so far to 12.3 million tonnes as compared with 9.95 million tonnes last year at this time. March Oats closed up 2 at 390. This was 8 up from the low and 1 1/2 off the high.

Bron: CME