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May Wheat finished up 14 at 736, 3/4 off the high and 15 up from the low. July Wheat closed up 13 1/4 at 734. This was 14 1/4 up from the low and 3/4 off the high.
Wheat led the grain markets higher today on a lower US Dollar which added support to the broader-commodity complex. Expansion of feed wheat use around the US helped to support and short covering added momentum to the upside. It was reported overnight that Algeria bought 350,000 tonnes of optional-origin wheat for June shipment. European traders suggest the wheat is likely to come from France. The failure for Chicago wheat to work in the tender may have added to the downward pressure seen at the midpoint of the day. The weather forecast over the next 7-10 days calls for mostly below normal precipitation and temperatures. Wheat is beginning to come out of dormancy in the western plains but some crop scouts suggest temperatures won't dip down far enough to cause damage or wheat isn't far enough along in its growth process. Kansas City wheat conditions improved from last week but April and May showers will be critical to the overall production potential.
May Oats closed up 3 1/4 at 399 1/4. This was 4 1/4 up from the low and 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.