July Wheat finished up 53 at 817, 5 1/4 off the high and 50 up from the low. September Wheat closed up 51 1/4 at 858 1/2. This was 48 1/2 up from the low and 6 off the high. July wheat opened moderately higher and then exploded for a range up extension that took it to its highest level since May 2nd. The market is finding support off of the run up in corn and other grains, but a key factor is also the outlook for both the spring and winter wheat crops in the US. Traders are getting increasingly concerned over that the drought in the US hard winter wheat belt and the extremely wet weather in the spring wheat belt, as there appears to be no letup in sight for either of those patterns. In addition to that, news of a double digit decline in the French wheat crop due to drought there may have also sparked some buying. May Oats closed up 10 at 367. This was 10 up from the low and 8 1/4 off the high.
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