May Wheat finished down 27 3/4 at 855 3/4, 29 1/2 off the high and 5 1/4 up from the low. July Wheat closed down 27 3/4 at 886. This was 5 up from the low and 29 1/2 off the high. March wheat closed 28 1/2 cents lower on the session and down 44 3/4 cents on the week. A hint of some rains for China plus talk of the overbought technical condition of the market helped spark a long liquidation trend in wheat today ahead of the long weekend. News from Argentina from the Agriculture minister that the 2010/11 wheat production is expected to rise to 14.7 million tonnes from 14.0 million as a previous forecast helped to pressure. China tightening actions helped drive commodity markets lower early in the session but the market found support near yesterday’s lows and bounced to slightly higher on the session into the mid-day before settling back into the range. Private exporters reported to the USDA this morning that 100,000 tonnes of US HRW wheat was sold to Turkey. The 30-day and 90-day forecast models from the National Weather Service show a warmer and drier than normal trend for the southern and western areas of the winter wheat belt and this was seen as a supportive force. The extended forecast models for China, however, are hinting at the possibility of significant rains and traders will monitor this situation closely as a return to normal weather could ease concerns for the world’s largest wheat producer. Continued unrest in the Middle East helped to provide some underlying support. May Oats closed down 5 1/4 at 417 1/2. This was 5 1/2 up from the low and 7 off the high.

Bron: CME