May Wheat finished up 3 3/4 at 744 1/4, 4 1/2 off the high and 14 1/4 up from the low. July Wheat closed up 3 3/4 at 780. This was 14 3/4 up from the low and 4 1/2 off the high. May wheat closed 3 3/4 cents higher on the session and down 53 1/4 cents for the week. A negative tone for agricultural commodity markets and ideas that Kansas dry areas may get some rain this weekend helped to pressure the market. Traders believe the rain in the western parts of the state should boost crop conditions and help ease concerns for sharply lower yield potential. Higher than expected grain stocks in Ukraine and Russia has increased pressures to allow exports and the hefty supply situation in India is also expected to spark increased pressure to allow exports soon. Dryness concerns persist for Western Europe and to some extent for China but improving US weather is seen as a negative force. Ideas that the market is oversold after this week’s sell-off helped support a bounce and higher trade for Chicago wheat and a little drier forecast for next week for the southern plains helped July Kansas City wheat close 1 3/4 cents higher on the session and up 11 cents from the early lows. May Oats closed up 1 at 383. This was 5 3/4 up from the low and 5 1/2 off the high.

Bron: CME