May Wheat finished up 8 3/4 at 832 1/4, 5 1/4 off the high and 18 1/2 up from the low. July Wheat closed up 7 at 860. This was 17 3/4 up from the low and 4 1/2 off the high. Weakness in corn and some increase in rain coverage for the winter wheat areas in the forecast models helped cause a significant break into the mid-session but concerns for crop conditions in the western plains helped support a late rally with May wheat closing 8 3/4 cents on the session and up 21 cents for the week. A generally dry forecast for the western US plains helped to support the market early in the session with futures moving to the highest level since February 22nd. Talk that the China crop prospects have improved significantly with recent rain/snow and talk of a record India wheat crop harvest soon helped to pressure the market into the mid-session. Weakness in US equity market and ideas that investors are shifting out of agricultural funds and into energy funds added to the negative tone. Ideas that the Ukraine winter grain crops are doing well helped to limit the advance early with traders looking for production to increase 15-18% from last year. Deliveries overnight were 426 contracts. May Oats closed down 4 at 390. This was 5 3/4 up from the low and 6 1/2 off the high.

Bron: CME