March Wheat finished up 11 3/4 at 886, 7 1/4 off the high and 10 3/4 up from the low. July Wheat closed up 12 1/4 at 944 3/4. This was 12 1/2 up from the low and 6 off the high. The market closed sharply higher on the day but the close was well off of the highs and the market stayed inside of the range of the first hour’s trade. Bullish USDA news for the corn market was enough to drive wheat to new highs on the opening this morning and pushed nearby futures to the highest level since August of 2008. Concerns with the China wheat crop added to the bullish tone. The USDA supply/demand report was considered neutral for wheat. US ending stocks came in at 818 million bushels which was unchanged from last month and a little higher than expected. US demand numbers were left unchanged. For the world report, ending stocks were pegged at 177.77 million tonnes from 177.99 million tonnes last month and compared with 197.6 million tonnes last year. Ukraine production was revised slightly lower. July new crop wheat managed to push to a new high as well and above psychological resistance at 950 early in the day. Winter wheat areas of the western plains received a good coating of snow which is expected to insulate the crop from any cold weather just ahead. Strong demand from North Africa and Middle East countries continues to provide underlying support as many end users are building strategic stocks for wheat, rice, dried milk, vegetable oils and other key foodstuffs. Nearby rice futures closed at the highest level since October of 2008. March Oats closed up 5 at 424 1/2. This was 10 up from the low and 3 off the high.

Bron: CME