May Wheat finished down 60 at 795 3/4, 73 3/4 off the high and equal to the low. July Wheat closed down 59 1/2 at 826 1/2. This was 1/2 up from the low and 71 1/2 off the high. On top of the massive long liquidation selling trend seen today for most grain markets, talk of rain for the coming weekend in China and ideas that violence from Libya could spread across the region helped drive the market down the limit. Volume was high in the early going and fund traders were noted as aggressive traders. Speculative long liquidation selling emerged as the major theme for grain markets today after the bounce overnight. This drove March wheat to the lowest level since January 12th into the mid-session and down as much as $1.31 in just 9 trading sessions. March wheat, corn and soybeans have touched limit-down trade today. Ideas that political tensions in the Middle East and North Africa could slow the global economy and slow movement of grains into the region helped spark some of the long liquidation selling seen across a wide spectrum of markets today. Iraq is tendering for 100,000 tonnes of wheat and United Arab Emirates is tendering to buy 40,000 tonnes. Morocco will tender to buy 280,000 tonnes of wheat to be used for subsidized flour. Egypt also bought 120,000 tonnes of US soft red winter wheat. Weekly export inspections came in at 31.009 million bushels which was higher than expected but focus of attention appears to be on risk-adverse trade. May Oats closed down 20 at 397 1/2. This was equal to the low and 29 1/2 off the high.

Bron: CME