March Wheat finished down 33 1/4 at 528, 33 3/4 off the high and 6 up from the low. July Wheat closed down 33 at 554 3/4. This was 5 1/2 up from the low and 33 1/4 off the high.

The wheat market opened lower and sold off sharply into early mid session. Prices then traded sideways above the early lows before firming slightly into the close. Wheat lost sharply to corn on the day in active trade by spreaders in those two markets, and KC gained marginally on Chicago. Funds were sellers across the floor today with at least 3000 contracts sold in wheat through late morning. Traders said that selling was triggered by renewed fears of economic slowing and the sharp sell off today in stocks, crude oil and gold. A Chinese official was quoted by the Xinhua News Agency today as saying that this year's overall grain production will total 525 million tonnes compared to 510 million last year. The week's export inspections for wheat were 19.808 million bushels. Inspections need to average 14.665 million bushels each week to reach the USDA projection. Recent heavy rains in parts of the eastern Australian wheat belt have resulted in a downgrading of some 1.0 million tonnes of wheat from milling quality to feed quality.

March Oats closed up 1/2 at 217 1/2. This was 16 1/2 up from the low and 17 3/4 off the high.