May Wheat finished down 31 1/2 at 800 3/4, 33 off the high and 2 1/2 up from the low. July Wheat closed down 29 3/4 at 830 1/4. This was 3 3/4 up from the low and 30 3/4 off the high. The market pushed sharply lower on the session and to the lowest close since February 24th as a negative tone for the economy, less concerns with the China wheat crop and an improved weather outlook for the US crop helped to drive the market lower. Talk of increased chances of rain for the central plains this week plus some chances of a little rain in the western plains helped to pressure the market early. In addition, speculators turned active sellers with a turn down in the stock market and weakness across other agricultural markets helped to pressure. Weekly export inspections, released during the session, came in at 21.44 million bushels which was slightly below trade expectations and compares with 19.58 million last week. Exports need to average 32.4 million bushels each week to reach the current USDA projection. Ideas that China has plenty of wheat in storage to guard against any problems with their winter crop added to the negative tone. May Oats closed down 4 at 386. This was 9 up from the low and 4 off the high.

Bron: CME