December Wheat finished up 9 at 706 1/2, 18 1/2 off the high and 12 3/4 up from the low. March Wheat closed up 8 1/2 at 748 1/2. This was 16 up from the low and 19 off the high. March wheat moved steadily higher from early in the overnight session before pushing to its highest level since November 9th to start the day session. However, a burst of selling prior to the close erased more than half of the day’s gains in the March contract with the July 2011 contract losing nearly all of its gains. Weakness in corn and soybeans added to the late selling in wheat along with profit taking in wheat itself after two days of big gains. Traders credited the strength to a lower dollar and poor weather in the US Plains and SE Australia which has importers nervous about potential for diminished supplies of exportable wheat into 2011 along with lower quality. Net weekly export sales for wheat came in near expectations this morning at 663,300 tonnes for the current marketing year and 40,900 for next year for a total of 704,200. Cumulative wheat sales stand at 68.2% of the USDA forecast for 2010/2011 versus a 5 year average of 69.4%. Sales need to average 403,000 tonnes each week to reach the USDA forecast. March Oats closed down 2 at 361. This was 1 up from the low and 6 off the high.

Bron: CME