March Wheat finished down 2 3/4 at 780 1/4, 3 1/2 off the high and 14 1/4 up from the low. July Wheat closed down 4 1/4 at 818 3/4. This was 10 1/2 up from the low and 3 3/4 off the high. March wheat ended lower on the session but saw a strong recovery off of the early lows. This was a similar reaction to many other commodity markets which saw a knee-jerk negative reaction to news of an interest rate increase in China but even the US stock market was able to recover from steep losses overnight to trade higher on the day into the grain close. The market pushed moderately lower on the session early today but strength in the other grains helped support a decent bounce off of the lows into the mid-session. Traders see drier weather in Australia as a negative force. Weekly export inspections came in at just 17.49 million bushels which was well below trade expectations and down from 25.8 the previous week. Cumulative inspections have reached 50.9% of the USDA forecast for the season as compared with 58.5% as the 5-year average shipped by this time of the marketing year. Exports need to average 26.8 million each week to reach the USDA forecast for the season. Dry weather in the forecast for Argentina is also expected to help advance the wheat harvest which is now about 62% complete. The USDA has pegged Argentina production at 13.5 million tonnes from 10.5 million last year. March Oats closed down 4 at 389 1/2. This was 9 up from the low and 2 off the high.

Bron: CME