December Wheat finished down 28 3/4 at 825 3/4, 39 1/4 off the high and 5 3/4 up from the low. March Wheat closed down 29 at 849 1/4. This was 4 1/4 up from the low and 37 1/2 off the high.

The higher open in wheat met with immediate selling that took the market into lower territory into sharply early mid session. A minor rally took the December contract off its lows in mid session, but prices moved back near the lows prior to the close. Wheat lost sharply to corn on the day with active spreading noted between those two markets. Turkey is tendering for 250,000 tonnes of wheat including 50,000 tonnes of soft wheat along with 50,000 tonnes of durum. Bangladesh is again tendering for 100,000 tonnes of wheat. World crop weather is generally beneficial to wheat. Rain is expected in the eastern and northern wheat areas of Buenos Aires province. Australia is expecting moderate rains in eastern growing areas and light rains in the western belt, but northern sections of New South Wales - in the east - will start to see deterioration if that rain does not materialize. The Canadian Prairies are cool and wet which is slowing the already late harvest pace, but forecasts do not include any damaging frost at this point. Germany issued its latest estimate of production for all crops today. It is up 22.8% to just under 50 million tonnes. This is due to expanded acreage, especially for wheat, and ample rains. Wheat basis levels were steady at the Gulf today after losing some 15 cents over the past week and 40 cents over the past two and a half weeks.

December Oats closed down 4 1/2 at 368 1/2. This was 2 3/4 up from the low and 13 off the high.