March Wheat finished up 18 1/4 at 856 1/2, 4 3/4 off the high and 16 3/4 up from the low. July Wheat closed up 18 3/4 at 901 1/4. This was 18 3/4 up from the low and 4 1/2 off the high. March wheat closed sharply higher on the session and came within 3 cents of the August peak while other contracts pushed to new highs for the move. In addition, European wheat futures pushed to new contract highs as strong buying from North Africa countries helped to support. Nearby Kansas City wheat pushed to a new 29 moth highs. Continued strong export news and ideas that the rally is attracting increased, not decreased demand helped to drive the market sharply higher early with most contracts, except March moving to new contract highs. July wheat pushed past $9 as continued dryness in the US and a dry forecast from China producing regions helped to support. Algeria bought 800,000 tonnes of milling wheat after their Prime Minister urged more immediate imports. Iraq is tendering for 100,000 tonnes of wheat. Protests over food inflation in Egypt and more issues in Tunisia have provided underlying support. Traders will monitor the weekly export sales report in the morning with many traders looking for sales near 1 million tonnes from 1.147 million last week. March Oats closed up 7 at 388. This was 12 1/2 up from the low and 4 off the high.

Bron: CME