March Wheat finished up 1 at 799 1/4, 7 off the high and 17 up from the low. July Wheat closed up 1 at 836 1/4. This was 15 3/4 up from the low and 5 off the high. March wheat closed 1 cent higher on the day but up 17 cents from the lows. Ideas that demand will improve ahead and a sharp break in the US dollar helped to attract buying interest on the break. The market was under significant long liquidation selling pressure early in the day but a lack of new news plus a turn down in the US dollar helped to spark a strong recover bounce and a return to yesterday’s highs. Some drier weather in Australia and ideas that parts of the winter wheat growing areas in the US will receive snow cover for protection against the bitter cold snap in the forecast for the weekend helped to pressure the market early. Traders see the lower dollar as a reason to suspect increased interest in US wheat into the first quarter of 2011. In addition, European supplies are running low and inflationary concerns in some countries has buyers a bit nervous with supply. Traders see weekly export sales, for release before the opening, near last week’s number of 597,000 tonnes. March Oats closed down 4 1/2 at 384 1/2. This was 2 1/2 up from the low and 4 1/4 off the high.

Bron: CME