December Wheat finished up 8 at 603 1/4, 12 3/4 off the high and 9 1/4 up from the low. March Wheat closed up 8 3/4 at 624 3/4. This was 9 3/4 up from the low and 11 1/4 off the high.

The wheat market opened substantially higher this morning and traded on both sides of opening levels through late morning. This was followed by an early afternoon selloff and then a bounce back up to near opening levels into the close. Wheat gained sharply on corn on the day in active trade in that spread, and Chicago wheat gained on KC wheat in the December contracts. Traders credited the gain over KC to spec short covering in Chicago. Egypt bought 110,000 tonnes of wheat, half of it from the US and half from Russia. This follows three straight wheat purchases in which Egypt bought nothing from the US. Ukraine announced that it exported 3.1 million tonnes of wheat from July 1, 2008 through September 30th. This compares to just 900,000 tonnes for all of the 2007/08 marketing year, which highlights the sharply increased availability of Black Sea origin wheat this year. Basis levels were higher at the Gulf for wheat today in what traders said was a reaction to a sharp run up in barge freight and sharply lower futures prices. Today is expected to be the last day of a potential frost threat in Argentina, with weather expected to warm up tomorrow. Recent rains have benefited the wheat crop there on a scattered and partial basis according to local sources, but conditions overall are still mostly fair to poor. The Australian wheat crop is also thought to be in danger of further deterioration due to ongoing dryness. Recent rains have provided only partial relief, and some wheat areas there are facing a mild frost threat this week.

December Oats closed down 1/4 at 293 3/4. This was 1 up from the low and 15 1/4 off the high.