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May Wheat finished down 1 3/4 at 723, 2 off the high and 5 1/2 up from the low. July Wheat closed up 1 1/4 at 721 1/4. This was 8 3/4 up from the low and 3/4 off the high.
Wheat markets traded lower for most of the day on profit taking and on thoughts that northern hemisphere production may rebound in 2013. A European grain lobby estimated that the EU soft wheat production could rise to 127.8 million tonnes in 2013 vs. 124.55 in 2012. Wires also noted midday that a cargo of wheat was being loaded in a German port destined for Iran. Iran and the US have been in talks over the last week on a possible export deal but no deal has been confirmed. Chicago wheat found buying support this week on strong feed wheat demand use and better than expected export sales data. A farm ministry official in Japan announced today that wheat feed imports were forecasted to rise to 1.07 million tonnes in the year to March 2014, following purchases of 900,000 tonnes last year. Wheat's discount to corn is creating new demand in the market which is seen as a positive long term.
May Oats closed up 5 1/4 at 401 3/4. This was 8 1/4 up from the low and 1 3/4 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.