May Wheat finished down 18 1/4 at 740 1/2, 25 1/4 off the high and 6 3/4 up from the low. July Wheat closed down 18 1/2 at 772 1/2. This was 6 3/4 up from the low and 24 1/2 off the high. May wheat has seen a sharp break for four sessions in a row and closed sharply lower today to the lowest level since December 1st. May closed $1.85 off of the February 9th peak. The bearish tone from outside markets, negative news from the USDA and concerns that the recent surge in demand could slow helped to drive the market sharply lower on the day early in the session with fund selling noted. This pushed the market to the lowest level since December 1st. The USDA ending stocks came in at 843 million bushels, which was up from 818 million last month and compares with 976 million for last year. Traders had expected to see a slight revision lower of 5-10 million bushels so the news was seen as negative. The USDA lowered US exports by 25 million bushels. For the world report, ending stocks were pegged at 181.90 million tonnes, up from 177.77 million tonnes reported last month and compared with 197.6 million tonnes last year. Argentina and Australia production was revised higher and stocks from the Black Sea region were higher than expected to support the jump in world ending stocks. A drier and warmer forecast for the central and southern plains failed to provide much support. Weekly export sales for wheat came in at 575,700 metric tonnes for the current marketing year and 81,500 for the next marketing year for a total of 657,200. Cumulative sales stand at 91.6% of the USDA forecast for 2010/2011 (current) marketing year versus a 5 year average of 88.0%. Sales of 226,000 metric tonnes are needed each week to reach the USDA forecast. May Oats closed down 11 at 356. This was 1 up from the low and 11 1/4 off the high.

Bron: CME