May Wheat finished up 10 3/4 at 785 3/4, 8 1/4 off the high and 11 up from the low. July Wheat closed up 10 1/4 at 821. This was 10 3/4 up from the low and 8 3/4 off the high. July wheat closed at 821 which is 1/4 cent above the 50% mark of the February to March break. Weather issues and weakness in the dollar supported strong gains on the session but the highs were put in during the first hour of trade and the market closed well off of the lows. July KC wheat continued to push higher after the first hour of trade and closed more than 30 cents higher on the session. Fears of deteriorating crop conditions in the southern plains this week, ideas that crops in China and Europe may be stressed from dry weather and concerns that the cold and wet spring in the northern plains and Canadian Prairies will cause late plantings for the spring wheat crop helped to support the active buying and strong gains early in the session. The upside was limited as traders indicate some rains for the winter wheat areas which might improve conditions in some areas but a drought-busting shower for southern and western growing areas is still not in the forecast. The weekly conditions report showed that 36% of the winter wheat crop is rated good/excellent compared to 36% last week and 69% last year. The 10 year average for this time of year is 50%. Kansas crops are just 25% good to excellent from 28% last week and 71% last year. Ohio conditions improved but Oklahoma slipped to just 7% good to excellent from 73% last year and a record low 5% in 2006. The weekly Spring Wheat Planting report showed that just 5% of the crop is planted compared to 18% last year. May Oats closed up 6 1/2 at 394. This was 6 3/4 up from the low and 1/2 off the high.

Bron: CME