March Wheat finished down 13 at 518, 15 1/4 off the high and 2 3/4 up from the low. July Wheat closed down 12 1/2 at 545 3/4. This was 2 1/4 up from the low and 12 3/4 off the high.

The wheat market was a follower to the downside today. The March contract opened marginally lower and remained under pressure throughout the day to finish near the lows of the day. Funds were small sellers, but trade was mainly dominated by specs on light volume. Wheat gained substantially on corn on the day. A rally in the dollar to higher on the day was said to have contributed to the early pressure in grains. Weather in Argentina continues to be dry, although some forecasts are calling for as much as 1-3 inches over the weekend, which may delay harvest there. There have also been reports of minor frost damage to the wheat crop in Argentina over the weekend. Some further rains are expected in Australia resulting in minor harvest delays. Trade sources there report a holding mentality by farmers in Australia at the start of the first year of the privatized export sales system there.

March Oats closed down 5 1/4 at 216 3/4. This was 9 3/4 up from the low and 5 1/4 off the high.