May Wheat finished down 3 3/4 at 759 1/2, 14 1/2 off the high and 14 3/4 up from the low. July Wheat closed down 3 1/4 at 796. This was 15 up from the low and 14 off the high. May wheat closed lower on the session but 26 1/4 cents higher for the week. The early move to limit-up for corn helped spark a short period of aggressive buying in wheat, which drove July wheat to its highest level since March 9th, but the market quickly retreated to trade moderately lower on the day into the mid-session. Ideas that wheat may need to keep up with corn to avoid losing acres in the northern plains plus winter wheat crop concerns due to a more threatening (hot and dry) forecast into next week helped to support. Traders seem hesitant to believe that producers will be able to plant the extra spring wheat noted in yesterday’s plantings report, especially if the forecast for cold and wet weather persist into mid-Aprils in the northern plains. Traders are also getting increasingly concerned about the poor crop conditions for the US and Chinese crops, particularly if their growing regions do not receive better rain coverage soon. A stronger US dollar plus a setback in corn helped spark more aggressive profit-taking into the mid-session. Some rain in the forecast for parts of Western Europe helped to pressure milling wheat futures, and traders saw a large crop out of India as a negative factor. In addition, exportable supply from Australia is seen as competition for US wheat on the world market. May Oats closed up 7 3/4 at 375. This was 9 3/4 up from the low and 6 1/2 off the high.

Bron: CME