Wheat Market Recap Report for 11/3/2010
December Wheat finished down 4 at 690 1/4, 9 1/4 off the high and 9 3/4 up from the low. March Wheat closed down 4 1/2 at 729 1/2. This was 9 3/4 up from the low and 9 1/2 off the high. The market closed lower for the third session in a row as traders appeared to have stepped aside ahead of the FOMC meeting results. A rally in the US dollar helped drive wheat lower on the day after the higher opening and this pushed December wheat to the lowest level since October 26th. Fears of Fed actions following their FOMC meeting with results expected to be announced just after the close helped spark some long liquidation selling. Dry weather in the central and southern plains helped to provide some support. Some traders see better rain chances for the region in the 6-10 day outlook period but others see the rains missing the driest key growing areas. The Fed quantitative easing plan did not come as a major surprise for the market but shortly after the announcement, the dollar saw some strength with initially pushed gold and stock markets lower but 30 minutes later the dollar was pushing lower on the day and the stock market rallied to higher on the session. The lower dollar may help support the market. December Oats closed down 1/2 at 361 1/2. This was 3 1/4 up from the low and 5 1/4 off the high.