December Wheat finished up 1 1/4 at 632, 17 1/2 off the high and 3 3/4 up from the low. March Wheat closed up 2 3/4 at 665 3/4. This was 3 1/2 up from the low and 17 3/4 off the high. December wheat closed 1 1/4 cents higher on the session and up 9 1/4 cents for the week. The market failed to hold on to the surge higher early in the day despite the sharp drop in the dollar. Weakness in the wheat market helped to pressure the market late. The market saw active buying and short-covering early in the session led by positive outside market forces and a continued dry forecast for the central and southern plains. The sharp break in the US dollar plus a positive tilt to many commodity markets and a bounce in energy prices helped to spark new buying and short-covering. Recent COT reports showed a near record high net short position from speculators and this helped to support the market and so did general talk that the euro debt crises may ease after this weekend. Higher trade for European milling wheat futures and a continued short-covering trend into the mid-session supported new highs for the session but a lack of follow-through selling had the market close near 18 cents off of the highs. July KC wheat pushed to the highest level since September 27th before closing down 5 cents for the day. December Oats closed unchanged at 337. This was 1 up from the low and 6 1/2 off the high.

Bron: CME