March Wheat finished up 5 at 872, 12 3/4 off the high and 2 1/2 up from the low. July Wheat closed up 5 1/2 at 931. This was 2 1/2 up from the low and 10 1/2 off the high. March soybeans closed 5 cents higher on the session but near the lows of the session. Weakness in corn and soybeans and ideas that the short-term buying spree from north Africa and Middle East companies may be near and end for now helped to spark some long liquidation selling. A continued strong export tender wire plus dryness concerns for China and the US southern and western plains helped to support the early strong gains for wheat. Iraq bought 350,000 tonnes of wheat with 200,000 from the US and 150,000 from Australia which helped support the early gains. In addition, Tunisia bought 100,000 tonnes of soft wheat on Saturday in a tender for 50,000 and this was also seen as positive. Weekly export inspections came in at 24.19 million bushels which was below trade expectations and below the 30.89 million necessary each week to reach the USDA projection. Cumulative shipments have reached 62.3% of the USDA forecast for the season as compared with the 5-year average of 70.5% sold for this time of the year. Fears that the winter wheat crop in China will not have enough moisture coming out of dormancy with drought conditions has provided the foundation for the current rally. News from Egypt’s main government wheat buyer that imports are flowing smoothly was seen as a positive force as well with Egypt the world’s largest importer. The USDA baseline projections for the 2011/12 season suggest planted acreage at 57 million acres for all wheat, up 3.4 million from last year. March Oats closed down 6 at 412. This was 2 3/4 up from the low and 6 off the high.

Bron: CME