December Wheat finished down 5 1/4 at 828 1/2, 17 1/4 off the high and 6 1/2 up from the low. September Wheat closed down 5 1/2 at 804. This was 5 3/4 up from the low and 18 off the high.

The story in wheat today was one of relative strength in the face of sharp price declines in both corn and the soybean complex. Traders said that wheat found support from potential weather delays in both the hard and soft red harvests as well as another week of very strong export sales in wheat. Spreading of wheat versus both corn and soybeans was said to be very active today. This activity comes against a backdrop of a Commitments of Traders Report that continues to show large and small speculators to be heavily net short in wheat. However, beneficial rain is being reported in western growing areas of Australia with further rains expected in eastern Australia over the weekend. Egypt bought 145,000 tonnes of wheat, 60,000 of which was from either the US or Canada. The original tender was for 55,000-60,000 tonnes. This continues the trend toward strong export demand for wheat with purchase amounts often exceeding the original tenders.

September Oats closed down 14 3/4 at 400 1/4. This was equal to the low and 13 1/4 off the high.