March Wheat finished up 18 at 798 1/4, 3 3/4 off the high and 18 3/4 up from the low. July Wheat closed up 16 1/2 at 835 1/4. This was 16 3/4 up from the low and 1 3/4 off the high. March wheat closed sharply higher on the session and up to the second highest close for the life of the contract finding support from fairly active buying by fund traders. Ideas that fund traders are focusing on grains and other agricultural markets into 2011 helped to support. News of better export demand for US wheat along with a sharply lower US dollar helped support the market early in the session. Egypt bought 180,000 tonnes of soft wheat from Argentina and the US with 60,000 tonnes coming from the US. They also cancelled a tender for hard wheat. Dry weather in the US plains has added to the positive tone but there is some scattered rains expected for the plains for late this week. Iraq is tendering to buy 100,000 tonnes and Turkey is tendering to buy 300,000 tonnes for January-February delivery. Even the move from sharply lower to higher on the day for the US dollar failed to pressure the market with March KC wheat gaining on Chicago wheat to post a new contract high early today and then Chicago wheat gaining on KC into the close. March Oats closed down 1/2 at 389. This was 8 up from the low and 3 1/4 off the high.

Bron: CME