March Wheat finished down 17 at 763 1/4, 18 1/2 off the high and 8 3/4 up from the low. July Wheat closed down 19 at 795 3/4. This was 4 1/4 up from the low and 20 off the high. March wheat chopped sideways to lower overnight and then pushed sharply lower during the day session. Traders cited profit taking, technical selling and firmness in the dollar early in the day session as reasons for the sell off. Wheat lost ground sharply to corn on the day in moderately active trade by spreaders. Tunisia said today that it plans to gradually liberalize wheat and barley imports which are currently subject to a state monopoly. Weather may be improving this week in eastern Australia where heavy rains are expected to give way to widely scattered showers and thunderstorms through the end of the week. However, moisture levels remain high and harvest delays are expected to continue in some areas. Welcome snow has fallen in the EU’s two big wheat producing countries, France and Germany, and this is helping to protect the young winter wheat crops there from cold temperatures. However, snow in parts of Italy is hampering some late planting. March Oats closed down 6 at 385. This was 3/4 up from the low and 7 1/4 off the high.

Bron: CME