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March Wheat finished down 1 at 744 1/2, 12 off the high and 1/2 up from the low. May Wheat closed down 1 at 753 1/2. This was 1/2 up from the low and 11 1/4 off the high.
KC and Chicago wheat traded lower into the closing bell. It was reported that the US sold a portion of the Egyptian wheat tender this morning which added a supportive tilt to the market but some were disappointed after a portion of the trade went to Canada. This limited gains on the day along with light volume ahead of tomorrow's report. Total tonnage on the trade amounted to 115,000 tonnes. France has missed out on export business recently after being active sellers last fall. The EU granted export licenses for 373,000 tonnes of soft wheat this week, taking the total since the beginning of the crop year to 10.1 million tonnes vs. 7.5 last year. The US export sales report was considered bearish against trade estimates after coming in at 233,700 tonnes for the current marketing year. As of January 3rd, cumulative wheat sales stand at 68% of the USDA forecast for the current marketing year vs. a 5 year average of 75%. Sales of 435,000 tonnes are needed each week to reach the USDA forecast. The fact that sales came in below the pace needed to reach this year's USDA export estimate is seen as a negative to price direction.
March Oats closed up 3 at 339 1/2. This was 6 1/4 up from the low and 1 off the high.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.