December Wheat finished down 45 at 595 1/4, 38 off the high and 7 1/4 up from the low. March Wheat closed down 45 3/4 at 616. This was 6 1/2 up from the low and 37 1/4 off the high.

The wheat market opened sharply lower and remained under pressure throughout the session. However, wheat was not the leader to the downside. Corn, soybeans and soybean oil finished at limit down and wheat was a follower of those markets today as it finished well off limit down and slightly above the lows of the day. Wheat lost to corn on as that market locked at limit down. Chicago wheat also lost to KC on the day. Funds were sellers of more than 2000 contracts on the day. There was a light freeze in parts of the Argentine wheat belt over the weekend as expected. This is said to have caused little damage. Another light freeze is expected later this week. Another Southern Hemisphere producer, Australia, is expecting a light and mostly non-damaging frost is some wheat areas later this week. Yemen is expected to be in the market for 100,000 tonnes of wheat early this week. South Korea is reportedly looking to buy 23,000 tonnes of US wheat. This week's export inspections for wheat were 25.9 million bushels, up from 23.6 million bushels last week and one of the largest totals in recent weeks. Cumulative inspections rose to 45.2% of the projected total compared to a 5-year average of 35.5%. Inspections need to average just 15.9 million bushels each week to reach the projection for the year. Cash market traders say that dropping ocean freight rates is contributing to the continued strong rate of wheat export sales and inspections.

December Oats closed down 20 at 294. This was equal to the low and 19 1/2 off the high.