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May Wheat finished up 6 1/2 at 699 1/2, equal to the high and 9 1/2 up from the low. July Wheat closed up 6 1/4 at 709. This was 10 3/4 up from the low and 2 off the high.
Chicago and Kansas City wheat managed to climb off session lows midday to trade higher on the day. The CRB Index was lower with crude oil sinking lower and metal markets seeing a significant amount of pressure. Weather points slightly negative for prices with rain and warmer temperatures expected for areas of the western plains and an open window for planting corn is set to develop by early next week. Dry areas of Australia will see significant rainfall this week which will improve soil moisture deficits for the start of their wheat planting campaign. Ukraine and Russia may trend slightly drier over the next 7-10 days but morning maps showed an improved chance for showers in the driest regions of southern Russia. The export lineup is rather thin this week but Ukraine reported that they exported 21.02 million tonnes of grain in the first 10 months of the 2012/13 marketing year, down from 21.8 in all of 2011/12. April shipments were estimated at 1.49 million tonnes as compared with 1.62 million in March. Reports also surfaced midday that suggested Iraq may lose between 25-30% of their wheat harvest this year due to heavy flooding. Iraq is one of the world's largest importers of wheat.
July Oats closed down 1 3/4 at 377 1/4. This was 2 up from the low and 4 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.