May Wheat finished up 1 1/4 at 722 1/4, 5 3/4 off the high and 17 up from the low. July Wheat closed up 3/4 at 757 3/4. This was 17 up from the low and 5 1/4 off the high. May wheat closed slightly higher on the session and up 17 cents from the lows. The market saw some active selling early in the day but a somewhat threatening forecast for the winter wheat crop and some increase in export news helped to support. Some talk of a slight improvement in the rain outlook for the central plains on the 6-10 day forecast plus a persistent long liquidation selling trend from speculators helped drive the market lower early in the session. However, the market saw a recovery bounce off of the lows as the other grains also recovered and traders pointed to improving demand on the set-back as a positive force. Private exporters reported to the USDA that 160,000 tonnes of US wheat was sold to Nigeria for delivery during the 2010/11 period. In addition, Jordan bought 50,000 tonnes of wheat from Romania. Kansas winter wheat crop conditions improved by 1% this week to 27% good to excellent which may have helped pressure the market early but traders see mostly dry conditions for western Kansas in the forecast for the next week as a reason to suspect deteriorating conditions ahead. In addition, Texas, Oklahoma and Colorado conditions deteriorated in the past week. Japan seeks a total of 103,125 tonnes of food wheat from the US and Australia at their weekly tender. European wheat futures saw some recovery of losses but closed slightly lower. May Oats closed down 8 at 342. This was 4 1/2 up from the low and 8 1/4 off the high.

Bron: CME