March Wheat finished up 11 at 770 1/2, 20 off the high and 10 1/2 up from the low. July Wheat closed up 14 3/4 at 823. This was 14 1/2 up from the low and 14 1/2 off the high. March wheat closed moderately higher on the session but down 20 cents from the early peak. Traders viewed the decline in US ending stocks, an adjustment higher in US exports and ideas that Australia may have a more difficult time in shipping wheat from flooded ports as positive news early but disappointing world supply/demand news along with profit taking were seen as reasons for the set-back from the highs. US ending stocks for the 2010/11 season came in at just 818 million bushels, down 40 million bushels from last month and down about 30 million from expectations. Ending stocks were 976 million last year. For the world report, however, ending stocks were pegged at 177.99 million tonnes which was higher than expected and compares with 176.7 million tonnes last month and trade expectations for a drop of near 2 million tonnes. Argentina production was revised higher and Australia was left unchanged. December 1st stocks came in at 1.928 billion bushels as compared with expectations near 1.94 billion bushels and 1.782 billion bushels last year at this time. Total winter wheat plantings for the 2011 crop were pegged at 40.99 million acres, in line with trade expectations and up 9.7% from last year. Hard red winter wheat plantings came in at 29.60 million acres vs. expectations near 30.2 million so the report was considered more supportive to Kansas City wheat as compared with Chicago. Soft red winter plantings were 7.76 million acres as compared with expectations near 7.2 million and just 5.27 million last year. Cold weather combined with the dry conditions in the southwestern plains was also considered a potential supportive force. March Oats closed up 12 1/2 at 394 1/2. This was 11 1/2 up from the low and 7 1/2 off the high.

Bron: CME