December Wheat finished up 3/4 at 859 3/4, 9 1/4 off the high and 23 3/4 up from the low. September Wheat closed up 1/2 at 836 1/2. This was 23 3/4 up from the low and 9 1/2 off the high.

Wheat opened moderately lower and sold off in early trade today but rallies back to end slightly higher on the day for the December contract. Once again wheat was the strongest market among the grains. Traders indicated that this was largely based on weather and wheat/corn spreading. Only 52% of the winter wheat crop was harvested as of Sunday compared to 61% average. This leaves the crop susceptible to rain delays and possible minor deterioration from rains that are expected in hard red harvest areas today and tomorrow and in soft red harvest areas at the beginning and the end of this week. Weakness in crude oil and gold was also a factor early, but floor traders say that spreaders were good buyers in wheat and sellers in corn to support the market into mid session. Traders also noted that funds were very small sellers in wheat today compared to corn in particular and that this encouraged the spreaders. Basis levels at the Gulf were said to have a weak tone again this morning in the wake of Jordan's purchase of 50,000 tonnes of wheat from Black Sea origins at prices that are once again substantially below US prices. Daily limits were expanded today for soybeans, corn and meal, but not for wheat, which did not finish at limit down yesterday. Private analysts in Australia continue to fall in line with recent reductions in forecasts for that country's newly planted wheat crop.

September Oats closed down 10 3/4 at 437. This was 15 3/4 up from the low and equal to the high.