March Wheat finished down 31 3/4 at 840 1/4, 33 3/4 off the high and 9 3/4 up from the low. July Wheat closed down 31 at 900. This was 9 3/4 up from the low and 32 off the high. The wheat market sold off sharply today on an improving weather outlook, general weakness across the grain markets and long liquidation. March wheat fell to its lowest level since January 31st. There were ideas that the recent snows in China may have improved the drought conditions there. Also, rain is showing up in the longer-term forecast models for the US winter wheat belt, which would help recharge the soils there. These weather patterns mark a dramatic turnaround from last week, when most of the news was bullish. US export business appears to have slowed somewhat after the recent flurry of sales to North Africa and the Middle East, and Gulf basis levels have slipped. March Oats closed down 6 1/2 at 405 1/2. This was 3 up from the low and 11 off the high.

Bron: CME