May Wheat finished up 24 1/4 at 797 1/2, 4 3/4 off the high and 31 3/4 up from the low. July Wheat closed up 23 1/4 at 832 1/4. This was 30 1/2 up from the low and 4 1/2 off the high. The bullish influence of a sharply lower US dollar and weather uncertainties plus strength in the other grains helped to support a dramatic run higher from the lows and a sharply higher close on the day. The market pushed moderately lower on the session early in the day but a positive tilt to the USDA data, a mostly supportive world weather outlook and positive outside market influences helped to support. The USDA supply/demand report this morning was considered supportive for wheat with US ending stocks coming in at 839 million bushels as compared with 843 million bushels last month and trade expectations for a 15-20 million bushel increase. Traders were looking for lower usage numbers but the only change was a slight increase in seed demand. Ending stocks were 976 million for last year. For the world report, ending stocks were pegged at 182.8 million tonnes, up from 181.90 last month and 177.77 million tonnes two months ago. This compares with 197.6 million tonnes last year. Weakness in Kansas City wheat may have limited the advance into the mid-session but traders see the downside break-out in the US dollar as a reason to suspect better demand for US wheat. May Oats closed up 20 at 393 1/2. This was 16 up from the low and equal to the high.

Bron: CME