December Wheat finished down 9 3/4 at 801 1/4, 18 1/2 off the high and 3 1/4 up from the low. March Wheat closed down 9 1/2 at 825 1/4. This was 1 up from the low and 14 3/4 off the high.

The wheat market opened lower and rallied briefly early in the session to slightly higher on the day. Traders said that this early support came from higher corn and soybean markets which were thought to be supported by a higher crude oil market. However, wheat sold off into early afternoon with the December contract making repeated tests of yesterday's low before finally pushing below those lows going into the close. Funds were sellers of about 2000 contracts on the day. Wheat again lost to corn on the day. Volume was mostly light all day as traders evened up ahead of the long holiday weekend. The International Grains Council's raised its estimate of world wheat production by 10 million tonnes to 672 million tonnes, a new record. This is the latest in a series of USDA and IGC estimates that have moved the world wheat crop to a succession of new record highs. Australia's eastern wheat-producing state of New South Wales is still expected to see rains over the next three days, but amounts in the drier northern areas of that state may only be 1/2 inch. Ukraine's ministry of agriculture said today that 96% of this year's wheat crop is on track to reach 26.8 million tonnes, about in line with previous estimates. The Chicago Board of Trade corrected this morning's deliveries against the September contract. Actual deliveries in wheat were just 3,561 contracts compared to a previously released total of 4,032 contracts.

December Oats closed up 2 1/4 at 362 1/4. This was 6 up from the low and 15 3/4 off the high.