May Wheat finished down 3 3/4 at 786 1/4, 12 off the high and 7 3/4 up from the low. July Wheat closed down 4 at 822 3/4. This was 7 1/4 up from the low and 12 1/4 off the high. The market closed slightly lower on the session and well off of the highs as profit-taking selling emerged to spark a set-back. China interest rate hike news helped pressure the other grains and pulled wheat market lower after a 4-day bounce of as much as 76 1/2 cents. A warm and dry forecast for the winter wheat growing areas plus poor crop ratings to start the season helped to support. The first weekly winter wheat conditions report of the season showed that 37% of the crop was rated good/excellent condition compared to 65% last year and 52% as the 10-year average. The lowest rating was just 31% in 2002. In that year, average yield for all wheat ended up at just 35 bu/acre from 46.4 last year. Crop conditions were actually worse in 1996 when just 27% was reported good to excellent but the first report of the season was not until April 7th. Kansas crops were 31% good to excellent with Oklahoma at just 16% good to excellent. Kansas City futures closed higher on the session but this could not support Chicago. For the supply/demand update on Friday, traders see ending stocks adjusted higher by about 15 million bushels from last months estimate at 843 million. World ending stocks are expected to increase slightly. 4/5/2011 May Oats closed up 5 3/4 at 391 1/2. This was 7 3/4 up from the low and 1 1/2 off the high.

Bron: CME