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March Wheat finished up 10 1/4 at 754 3/4, 18 1/4 off the high and 18 1/2 up from the low. May Wheat closed up 8 1/2 at 762. This was 16 3/4 up from the low and 19 3/4 off the high.
KC and Chicago wheat traded higher on the day after the USDA report was considered slightly bullish against trade expectations. December 1st Quarterly Stocks were reported at 1.660 billion bushels vs. trade estimates of 1.658 billion bushels and vs. year ago levels of 1.663. The US all wheat carryout was pegged at 716 million bushels vs. 754 in December and against trade estimates of 741. World ending stocks for the 2012/13 season came in at 176.64 million tonnes compared with 176.95 million last month and the trade was expecting ending stocks near 174.665 million. Additional support was linked to the planting intentions report that showed 2013 US Winter Wheat seeding at 41.82 million acres and this was against trade estimates of 42.687 and vs. 41.324 last year. Hard Red Winter seeding was reported at 29.1 million acres vs. 29.863 last year. The Soft Red Winter seeding was reported at 9.42 vs. 8.12 last year. White Winter Wheat seeding at 3.27 vs. 3.341 last year. The KC planting report could be bullish long term given the drought conditions in the west and possible high rate of abandonment if conditions do not improve this spring.
March Oats closed up 7 1/4 at 346 3/4. This was 13 1/4 up from the low and 4 1/4 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.