December Wheat finished down 9 at 743, 18 1/2 off the high and 6 1/4 up from the low. March Wheat closed down 8 1/4 at 784 3/4. This was 7 3/4 up from the low and 26 1/4 off the high. March wheat saw 2-sided trade today, starting with gains overnight as the March contract moved above 800. After starting the day session with a new high for the day, prices slid through early afternoon finishing with a substantial loss. The early gains took the March contract to its highest level since August 6th which was the peak day of the summer rally. Traders said that a rally in the dollar and technical selling helped to pressure the wheat market today. Chicago wheat lost ground to KC wheat in the March contracts as the US Plains continue to experience dry conditions. Forecasts call for mostly dry weather in the western Plains for the next 10 days. The early stress, lack of snow cover and unseasonably cold temperatures are raising fears of increased winterkill for the hard red winter wheat crop on the Plains this year. Dryness in northern China is also raising concern over possible winterkill there. Australia’s crop agency ABARE reported this morning that it expects a record wheat crop this year, but it lowered its export estimate to 16.0 million tonnes from their previous estimate of 18.4 million. This is due to heavy rains into harvest season in the crucial SE growing area, which is expected to bring a major reduction in the quality/protein level for wheat in that region. March Oats closed up 1 at 373. This was 4 1/2 up from the low and 6 3/4 off the high.

Bron: CME