December Wheat finished down 14 1/2 at 870 1/4, 27 3/4 off the high and 4 1/4 up from the low. September Wheat closed down 14 1/2 at 845 1/4. This was 4 1/4 up from the low and 28 off the high.

The market was choppy in the extreme today starting with a lower open that was followed by an immediate rally to sharply higher by mid morning. After making a new high for the session in conjunction with a rally in crude oil, prices headed sharply lower, taking out the early lows in the process. Wheat lost to corn on the day with spread traders actively buying corn and selling wheat. Funds were buyers of about 2500 contracts early. Japan is looking to buy 85,000 tonnes of wheat on its regular weekly tender. Pakistan announced that it is postponing its latest 250,000 tonne wheat tender indefinitely. Government officials said that local purchases along with the recent heavy pace of import buying may fulfill the nation's needs into 2009. However, one analyst said that the political implications of the resignation of President Musharraf yesterday may also be a factor. The Argentine wheat belt remains in serious need of rain with none expected there until the middle of next week. Australia is in somewhat better shape in its western growing areas with one crop forecasters raising its estimate of this year's crop. However, eastern growing areas are starting to dry out again and little or no rain is forecast in either region over the next 7 days.

September Oats closed down 6 1/2 at 369 1/2. This was equal to the low and 4 1/2 off the high.