December Wheat finished up 14 at 752, 1 3/4 off the high and 13 up from the low. March Wheat closed up 14 at 793. This was 18 3/4 up from the low and 5 3/4 off the high. March wheat posted its 4th straight sharp gain today, trading within 1 1/4 cent of the early November high at 800. The market started the overnight session with a sharp gain, traded mostly higher for the remainder of the combined session and then ticked to a minor new high for the day prior to the close. Traders said that weather problems on three continents are boosting the market including dry weather for winter wheat on the US Plains and on China’s Northern Plain. Wet weather in SE Australia is causing concern over the possible downgrade of wheat in that region to feed wheat quality. Support also came from the USDA’s announcement of a sale of 160,000 tonnes of US hard red winter wheat to an unknown destination for 2010/11. This week’s export inspections for wheat were 19.2 million bushels, down from 22.3 million last week. Inspections need to average 26.2 million bushels each week to reach the USDA’s current export projection. Cumulative inspections stand at 45.8% versus a 5-year average of 54.1% at this point in the marketing year. March Oats closed up 5 at 372. This was 7 3/4 up from the low and 2 3/4 off the high.

Bron: CME