March Wheat finished up 21 at 824 1/2, 5 1/2 off the high and 25 3/4 up from the low. July Wheat closed up 13 1/2 at 866 3/4. This was 20 1/4 up from the low and 6 3/4 off the high. March wheat closed sharply higher on the session and moved to the highest level since August 6th while July wheat was also up strong and pushed to the highest level since September of 2008. US wheat export sales were well above trade expectations and the highest in five months and the tender wire is also quite active. A weaker US dollar (lowest since November 12th) and continued concerns for political unrest due to soaring food prices helped support the strong gains early in the session. Weekly export sales for wheat, came in at 1.054 million tonnes for the current marketing year and 93,500 for the next marketing year for a total of 1.148 million. Sales of 409,000 metric tonnes are needed each week to reach the USDA forecast. On top of the weekly sales, private exporters reported to the USDA a sale of 150,000 tonnes of US hard red winter wheat for delivery to Jordan. In addition, European grain traders indicated that Tunisia bought 100,000 tonnes of durum wheat and 50,000 tonnes of feed barley. News of protests in Jordan over high prices helped to provide some underlying support as well. Bangladesh issued a tender to buy 50,000 tonnes of wheat and 30,000 tonnes of rice. March Oats closed up 4 at 386. This was 6 up from the low and 3 1/2 off the high.

Bron: CME