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May Wheat finished up 6 1/4 at 709, 2 3/4 off the high and 11 1/4 up from the low. July Wheat closed up 4 3/4 at 711 1/2. This was 11 1/2 up from the low and 2 1/2 off the high.
Chicago and KC wheat traded higher on the day in light volume despite another round of freezing temperatures in the western plains overnight. Temperatures fell to 25 degrees and below for areas in eastern CO, western KS, the panhandle of OK, and southwest NE. Slight damage is expected for the crop but the trade is still uncertain as to final production losses. Central KS has been spared so far but another couple days of below normal temperatures are expected by mid-next week for the westernmost part of the region. Chicago wheat calendar spreads traded with a bullish tilt on strong export demand. Tunisia bought 67,000 tonnes of soft wheat on an optional origin tender this morning. International weather conditions are mostly benign with a blocking pattern showing up in the Black Sea region but this should be beneficial to areas of northern Russia and Ukraine as it will help wheat growth. The lower Volga Valley in Russia remains dry and rainfall will be needed soon. The Russia Agriculture of Ministry announced midday that they may increase grain exports to Egypt if their total grain production reaches 95 million tonnes in 2013. Egypt's President held talks with Russian officials recently in attempt to lock up funding and wheat in the coming year as they deal with tight domestic supplies and depleted monetary reserves.
May Oats closed up 3 1/2 at 392. This was 12 1/4 up from the low and equal to 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.