July Wheat finished up 7 1/2 at 771 1/2, 4 1/2 off the high and 23 1/4 up from the low. December Wheat closed up 6 3/4 at 806. This was 23 1/4 up from the low and 4 1/4 off the high.

Wheat opened lower, moved to higher on the day during early mid session and then sold off later in the session to moderately lower levels. The break came in sympathy with sharply lower soybeans, corn, rice and crude oil according to floor traders, but wheat rallied into the close to finish higher on the day. The Baltic Exchange's major index for ocean freight hit a new all-time high today, eclipsing the highs set late last year. Traders say this could be detrimental to wheat in that it makes US wheat shipments to big North African importers more expensive than wheat that is sourced in western Europe or the Black Sea. The EU granted export licenses for 250,000 tonnes of soft wheat this week which brings the total cleared for export by the EU to 7.9 million tonnes. This week's Export Sales Report showed total wheat sales near the high end of trade expectations. Net sales were 120,700 tonnes in old crop and 443,600 tonnes in new crop. Sales of 227,200 tonnes are needed each week to reach the USDA old crop projection. Total sales to date stand at 98.0% compared to a 5-year average of 95.5%. Hard red wheat (KC) sales were heavy for next year, but near zero for the current marketing year. Soft red (Chicago) sales were heavy at 124,400 tonnes for the current marketing year. Japan and Mexico were the week's biggest buyers. RICE: Rice finished sharply lower on the day despite a late-session rally in wheat, corn and soybeans.

July Oats closed down 13 1/2 at 394. This was 6 1/2 up from the low and 12 1/4 off the high.