December Wheat finished down 15 1/2 at 573, 36 1/2 off the high and 3 up from the low. March Wheat closed down 15 1/4 at 593 3/4. This was 2 3/4 up from the low and 31 1/4 off the high.

Wheat followed a pattern similar to corn and soybeans today. The day started with a higher open followed by an early selloff and then a firming trend into late morning. However, selling hit the markets into early afternoon taking wheat, soybeans and corn into new low ground going into the close. Funds and locals were sellers late and wheat lost sharply to corn on the day. Traders said that the higher open and higher trade overnight came on initial ideas that the financial sector rally from yesterday would continue. Disappointment from late selling in stocks and crude oil was said to have contributed to the selloff in grains. Export inspections were 22.1 million bushels. The cumulative total stands at 48.0% of the projected total compared to a 5-year average of 37.9%. Inspections need to average 15.6 million each week to reach the USDA projection. France released its latest 2008/09 grain production numbers. Soft wheat was pegged at 36.9 million tonnes, down 200,000 tonnes from last month's estimate. Weather in Australia is expected to be dry over the next several days. Traders at the Gulf indicate that basis levels have a firm tone in wheat due to the multiple tenders that are now in the works.

December Oats closed down 1 at 292. This was equal to the low and 17 off the high.