March Wheat finished down 5 at 835 3/4, 9 1/4 off the high and 4 1/4 up from the low. July Wheat closed down 3 1/2 at 886. This was 4 3/4 up from the low and 7 off the high. March wheat gave back some of yesterday’s strong gains with a slightly lower close. New crop gave back less as the market found some support from fears of potential winterkill damage on winter wheat fields which might not get enough snow cover ahead of the cold weather for the middle of the week. Some concerns developed for the unshipped wheat to Egypt overnight as traders are still waiting to see if Egypt ports can get communications, employees and security issues resolved to reopen ports other than the canal and this helped spark some long liquidation (profit-taking) selling overnight and early today. Active exports and tenders to North Africa and the Middle East countries along with some weather concerns plus the sharp drop in the US dollar helped to provide some underlying support. Reports of potential increases in exports from Pakistan and maybe Russia if weather is good this year appeared to limit the advance. As of the end of January, Kansas winter wheat crops rated good to excellent came in at just 27%. This compares with 56% last year and 49.7% as the 5-year average. Poor to very poor ratings were 37%. March Oats closed up 1 1/2 at 397 1/2. This was 6 up from the low and 2 1/2 off the high.

Bron: CME