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March Wheat finished up 10 at 791 1/4, 2 1/2 off the high and 12 1/2 up from the low. May Wheat closed up 10 at 799 3/4. This was 12 1/2 up from the low and 2 1/4 off the high.
KC and Chicago wheat traded higher into the closing bell as traders even up positions and on technical buying. The US Dollar was sharply higher against the Euro which limited gains early on but the wheat market found buying interest late in the day. The market remains highly divided on the US export outlook going forward. Yesterday's sales were positive but a fair amount of doubt in the market remains as to if the US will be able to hit the USDA export estimate before the end of the marketing year. Japan bought feed and milling wheat overnight but Iraq and Algeria both passed on US offers this week. Tunisia reportedly bought 50,000 tonnes of optional origin wheat overnight. A private analyst released winter wheat planting estimates midday and pegged planted acreage at 41.82 million acres vs. 41.198 in December and against USDA estimates of 41.82.
March Oats closed up 1/2 at 355 1/2. This was 3 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.