March Wheat finished down 4 1/2 at 549 1/2, 19 off the high and 2 1/2 up from the low. July Wheat closed down 5 at 577 1/2. This was 1/4 up from the low and 18 1/2 off the high.

The wheat market was the price leader among grains for most of the day today, trading higher into mid morning before easing to lower levels in the March contract into the close. Funds were said to be buyers of 2000 contracts in wheat through late morning. Wheat gained sharply on corn early in the session, but gave up most of its gains into the close. Traders said that some price support came today from scattered harvest delays in Australia and from persistent dry conditions in Argentina as the harvest advances there. Pakistan is expected to tender for 500,000 tonnes of white wheat this week with the US expected to get a piece of the business. Japan is in the market this week for 91,000 tonnes of wheat on its regular weekly tender. Soft red wheat is again running at a competitive disadvantage on export markets compared to western European supplies according to traders. A cargo ship carrying wheat was seized by pirates in the Gulf of Aden today. This follows the seizure of an oil tanker in that region earlier in the week.

March Oats closed unchanged at 231. This was 2 up from the low and 2 off the high.