March Wheat finished down 3 at 546 1/2, 13 1/2 off the high and 2 up from the low. July Wheat closed down 3 at 574 1/2. This was 1 up from the low and 13 1/4 off the high.

The wheat market opened higher today, but strength was short lived as selling from locals and funds took prices lower into early mid session. A rally into late morning fell short of the early highs in the March contract and prices eased back to near the lows into the close. Volume was said to be light. Jordan bought 50,000 tonnes of hard wheat today. This is a partial result on the scheduled tender for 150,000 tonnes. UK wheat exports continue to make news with customs data showing that 484,213 tonnes were shipped during September. The total for the year to date stands at 667,776 tonnes which is 40% higher than the cumulative total at this point in 2007. The Russian government purchased 142,863 tonnes of wheat today. This was the 29th day of intervention buying to support prices. The government has set aside funds to buy up to 5 million tonnes of food grains. The Philippines announced today that it has removed its import tariff on wheat. Basis levels were steady at the Gulf for soft red wheat with little fresh demand in evidence.

March Oats closed up 1 at 232. This was 1 1/2 up from the low and 6 off the high.