March Wheat finished down 13 at 775 1/2, 22 1/2 off the high and 1 1/2 up from the low. July Wheat closed down 9 1/4 at 804 3/4. This was 2 3/4 up from the low and 18 off the high. March wheat saw 2-sided trade overnight before selling off into the start of the day session. The March contract made new lows for the day prior to the close on light to moderate selling by funds and by spreaders versus corn. This followed release of the USDA’s Supply and Demand report which was considered slightly negative by traders. The report raised all-wheat ending stocks to 858 million bushels, from 848 million in November. Traders had been looking for a drop of about 10 million bushels. The USDA left usage numbers unchanged for 2010/11 with the exception of food use which was lowered by 10 million bushels. Soft red ending stocks were raised 5 million to 188 million bushels. Hard red winter stocks were raised 15 million to 338 million bushels. World production, beginning stocks and ending stocks were also raised for 2010/11. The increase for 2010/11 came in large part from a 1.5 million tonne increase in Australia, a 1.3 million tonne increase in Pakistan and a near 1 million tonne increase in Canada. Brazil was increased by 350,000 tonnes. World feed usage was raised by 1.73 million tonnes, in part due to expectations of increased feed wheat supplies from Australia after recent rains there have damaged crop quality in the SE. The USDA pegged world ending stocks at 176.72 million tonnes, up from 172.51 million in November. European traders report that Tunisia bought 75,000 tonnes of wheat today on a tender for 67,000 tonnes March Oats closed up 3 at 385. This was 4 3/4 up from the low and 3 off the high.

Bron: CME