May Wheat finished up 28 3/4 at 811 1/4, 18 3/4 off the high and 28 up from the low. July Wheat closed up 26 3/4 at 841. This was 25 1/2 up from the low and 18 1/2 off the high. March wheat closed 29 1/4 cents higher on the session and down 45 3/4 cents for the week. Ideas that the short-term surge in wheat demand could continue and talk that a bulk of the new business could go to the US as Europe runs low on exportable surplus was seen as a supportive force. The lack of rain for the western plain in the forecast plus weekly sales which were near three times the pace necessary to reach the USDA projection helped support. Dry weather for western Kansas, western Oklahoma and west Texas was seen as supportive with very limited amounts in the forecast for the next two weeks. While the USDA expects a surge in planted area for wheat this year, poor conditions for the winter had USDA officials showing planted area at 57 million acres vs. 53.6 million last year but harvested acreage is expected to be just 47.5 million acres from 47.6 million last year. Weekly export sales for wheat came in much higher than expected at 1.008 million tonnes for the current marketing year and 105,000 for the next marketing year for a total of 1.113 million tonnes. As of February 17th, cumulative wheat sales stand at 86.6% of the USDA forecast for 2010/2011 (current) marketing year versus a 5 year average of 85.5%. Sales of only 318,000 metric tonnes are needed each week to reach the USDA forecast. Traders see March wheat deliveries for Monday at 1,000-3,000 contracts. May Oats closed up 9 at 379. This was 9 1/2 up from the low and 4 1/2 off the high.

Bron: CME