March Wheat finished up 19 at 808 1/4, 2 off the high and 32 1/4 up from the low. July Wheat closed up 19 at 846 1/4. This was 30 3/4 up from the low and 2 1/4 off the high. The market closed sharply higher on the session after a sharply lower trade on the day and the close near the highs of a 34 1/4 cent range had wheat following the other commodity markets higher in volatile trade. Talk of the oversold condition of the market and talk of continued dry weather in the plains helped to support active speculative buying on the session. The sharp rally in the US dollar plus continued fears from grain traders of index fund rebalancing helped to trigger the early break. However, a lack of new selling interest and a slowdown in the US dollar rally helped to support some short-covering and new buying in grains and wheat. While the crops appear vulnerable to deteriorating crop conditions from dryness in the plains of the US and in China, traders do not see any damaging cold weather over the near-term. A big crop on the way in India and a better than expected crop out of Argentina helped to limit the advance. Algeria is tendering to buy 50,000 tonnes of milling wheat. Traders see weekly export sales, released before the opening, near 400,000 tonnes. March Oats closed down 4 1/2 at 389 1/4. This was 10 1/2 up from the low and 3 3/4 off the high.

Bron: CME