May Wheat finished up 3/4 at 798 1/4, 11 off the high and 12 up from the low. July Wheat closed down 1/2 at 831 3/4. This was 11 1/2 up from the low and 11 1/2 off the high. July wheat closed near unchanged on the session and near the middle of a 23 cent trading range as traders saw a late rally in corn offsetting weakness in Kansas City wheat and soybeans. The market pushed to the highest level since March 7th overnight but some traders see better chances of some rains for the southern and western plains and this helped spark sharply lower trade for Kansas City wheat this morning which helped pressure Chicago wheat as well. Strength in corn and ideas that soft red wheat will see increasing feed usage for southeastern pork and poultry operators helped to provide some support. Weekly export inspections reached 28.279 million bushels which was about as expected. In order to reach the USDA projection for the 2010/11 season, weekly inspections need to average 31.7 million bushels. Very hot weather on the weekend in the southern plains was thought to have stressed the crop and traders see deteriorating crop conditions for this afternoons weekly crop condition update. May Oats closed up 8 at 401 1/2. This was 12 1/2 up from the low and 3 1/2 off the high.

Bron: CME