Related Keywords: Agriculture Email Print | December Wheat finished down 14 1/2 at 690, 19 off the high and 2 3/4 up from the low. March Wheat closed down 13 at 727 3/4. This was 2 3/4 up from the low and 16 1/4 off the high. December wheat sold off into mid-to-late morning and pushed to the lowest level since October 8th. The market then remained near its lows into early afternoon. This came against a mixed influence from outside markets with the dollar trading on both sides of Friday’s close, corn trading substantially lower and crude oil trading higher. One analyst indicated that a forecast of rain in the hard red winter wheat belt may have also pressured the market. This followed reports from overnight that wet weather in eastern Australia and continued dryness in Western Australia could trigger crop losses if current conditions prevail. Soft red growing areas in the Midwest remain mostly dry and in need of rain for late planting and early crop development. This week’s export inspections for wheat were 20.79 million bushels, down from 32.9 million last week. Cumulative inspections stand at 34.4% of the USDA’s export projection for 2010/11 versus a 5-year average of 41.8%. Inspections need to average 24.9 million bushels each week to reach the USDA’s projection. After the close, Egypt announced a tender to buy 55,000-60,000 tonnes of wheat from the US, France, Germany, Argentina, Canada, Australia and/or the United Kingdom. December Oats closed down 8 1/4 at 362. This was 7 up from the low and 8 1/4 off the high. Bron:CME