July Wheat finished up 1 at 805 1/2, 6 1/4 off the high and 10 1/2 up from the low. December Wheat closed up 3/4 at 840 1/4. This was 10 1/4 up from the low and 5 1/4 off the high.

The July wheat contract established the range for the day in early trade and finished the day slightly higher and near the mid point of that range. Rain across much of the Plains was blamed for the early selling in wheat along with weakness in corn and a continuation of the sell off that started at the end of last week. That selling followed reports that the US winter wheat crop will be even larger than previously expected. Argentina's Agriculture Secretariat said today that wheat planting is going slowly in that country's northern farming areas and that this could result in a smaller planted area. Some analysts indicate that turmoil over export taxes and the closure of the wheat export registry for much of this year are having a detrimental effect on planting intentions in wheat. The Government of Algeria announced today that it has enough wheat to meet domestic needs. It is one of the world's largest importers of wheat. The announcement was thought to be in response to fears of a domestic shortage. This week's export inspections were 20.590 million bushels. Weekly inspections of 32.532 million bushels are needed to reach the USDA projection. Total inspections to date stand at 91.7% of the projected total compared to a 5-year average of 91.1%. Reports of a freeze in the central Plains over the weekend failed to support the market as agronomists say that the crop is not far enough advanced this year for a freeze to cause serious damage. Wheat also shrugged off reports that the large wheat producing state of New South Wales in Australia is experiencing drought in 48% of its wheat areas.

July Oats closed down 3 at 410. This was 1 up from the low and 1 off the high.