July Wheat finished down 17 1/2 at 804 1/2, 38 1/2 off the high and 14 up from the low. December Wheat closed down 16 3/4 at 839 1/2. This was 14 1/2 up from the low and 36 off the high.

Wheat opened higher on what traders said was a positive reaction in all crops to this morning's USDA Supply and Demand numbers. However, the US all wheat crop for 2008/09 was pegged at a 10-year high of 2.392 billion bushels, while the world wheat crop was forecast at a record 656.01 million tonnes. Traders say that this supply factor weighed on wheat prices immediately after the opening. Old and new crop contracts moved sharply lower into mid session and closed lower on the day. US ending stocks for old crop were pegged at 239 million bushels compared to 242 million bushels reported last month. Estimates were raised slightly for imports, exports and seed usage. US ending stocks for 2008/09 were pegged at 483. World wheat ending stocks for the current year were pegged at 110.02 million tonnes compared to 112.48 million estimated last month, while ending stocks for 2008/09 came were forecast at 123.99 million tonnes. Wheat exports by France were nearly 960,000 tonnes in March according to customs data there. Cash markets were generally featureless today.

July Oats closed down 1 1/2 at 413. This was 3 1/4 up from the low and 7 off the high.