March Wheat finished down 4 1/2 at 765, 7 off the high and 3 up from the low. July Wheat closed down 1 1/2 at 806 1/4. This was 3 up from the low and 5 1/2 off the high. March wheat posted a moderate loss on the day today, losing ground to both corn and soybeans in the process. Traders said that this came on an improved harvest outlook in Australia this week along with reports that the quality of harvested wheat in some of the recently rainy areas has been better than expected. Hot and mostly dry weather has also been a boon to the wheat harvest in Argentina in recent weeks, and that was borne out by the recent increase in the Buenos Aires Grain Exchange’s estimate of the size of their wheat crop. Dry weather also continues in the US hard red winter wheat belt on the US Plains and traders said that this helped to boost KC to a marginal gain today despite the loss in Chicago’s March contract. Fall rains and a growing snow cover in the Midwestern soft red winter wheat belt have brought an improved outlook for that crop in recent weeks. Bids were steady for hard red winter wheat on the Plains today. Light, pre-Christmas trade is thought to be keeping the market in a directionless mode barring major news of a significant move in the dollar. March Oats closed up 3 3/4 at 394 1/4. This was 5 1/4 up from the low and 2 off the high.

Bron: CME