May Wheat finished down 21 at 779 3/4, 23 1/2 off the high and 1 1/2 up from the low. July Wheat closed down 18 3/4 at 811 1/2. This was 1 3/4 up from the low and 20 1/2 off the high. May wheat closed sharply lower on the session and saw the lowest close since December 16th. The market pushed sharply lower on the session led by a negative tone for grain markets, better than expected moisture in the forecast for the central plains and a stronger US dollar. July KC wheat appeared to lead the markets lower as some moisture for western Kansas is expected to help the hard red winter wheat crop show some better condition next week. Kansas wheat was rated just 25% good to excellent as of March 6th which is the lowest rating for early March since 2002. Mid-day reports from some traders that actual precipitation was less than expected for the western parts of the plains helped to provide some support. Sudan issued a tender to buy 300,000 tonnes of wheat from any origin. The USDA confirmed yesterday’s sale of 300,000 tonnes of US wheat to Iraq. Traders sere a slight decline of 5-10 million bushels for ending stocks for the Supply/demand report Thursday morning. Last month, ending stocks were pegged at 818 million bushels. May Oats closed down 11 at 375. This was 2 up from the low and 10 3/4 off the high.

Bron: CME