December Wheat finished up 2 at 650 1/4, 11 3/4 off the high and 3 1/4 up from the low. March Wheat closed up 3 1/4 at 690 1/2. This was 3 1/2 up from the low and 11 off the high. March wheat traded higher overnight and during the day session before finishing in the lower half of the combined trading session. This came despite a rally in the dollar today with support coming from mixed to negative weather into the harvest season in Australia along with continued dryness in the hard red winter wheat belt in the US. Some light rains moved into the region today, but sources indicate that this is providing limited relief to the stressed wheat crop there. Tomorrow is First Notice Day for the December contract. The USDA will issue its last Crop Progress report this afternoon and the Commitments of Traders report will also be out this afternoon, one day late due to the Thanksgiving Day holiday. Traders in Europe report that Algeria is looking to buy up to 50,000 tonnes of wheat for delivery in February. This week’s export inspections for wheat were 20.8 million bushels, up from 19.9 million last week. Cumulative inspections stand at 43.9% of the USDA’s projected total for the 2010/11 marketing year versus a 5-year average of 52.2%. Inspections need to average 26.1 million bushels each week to reach the USDA’s forecast. March Oats closed down 6 1/2 at 349 1/2. This was 3 1/2 up from the low and 15 off the high.

Bron: CME