July Wheat finished down 31 3/4 at 764, 35 off the high and 1 up from the low. December Wheat closed down 31 1/2 at 799 1/4. This was equal to the low and 33 1/2 off the high.

Wheat traded mostly lower to sharply lower today. The July contract broke below this week's early lows early in the session. The July contract moved to below the low of May 1st during mid session to set a new low for 2008. The market made new lows for the day going into the close and Chicago lost to KC on the day. Traders indicate that selling was mainly by locals and commission houses. And that weakness was based on weather and weakness in corn and rice which finished the day sharply lower. Scattered rains fell in the southern hard red wheat belt over the past 24 hours and rain is forecast over the entire southern winter wheat belt over the next 24 hours. Forecast amounts for the next 24 hours are in the area of 3/4 inch. Drier weather in the northwestern belt indicates that spring wheat planting should wrap up in the next week. Australia continues to be dry in the big eastern wheat state of New South Wales. This region got ample rains during the first 2 months of this year which contributed to predictions that this year's Australian wheat crop will be double last year's crop. However, the past ten weeks have been dry. Forecasters are calling for general rains in the area starting Friday and possibly lasting through the weekend and this may have also contributed to today's weakness according to one floor trader. France said today that they expect seedings of soft wheat to be up 4.6% from last year. The May wheat futures contract expired at noon today.

July Oats closed down 3 1/2 at 407 1/2. This was 1 1/2 up from the low and 3 1/2 off the high.