Wheat Market Recap Report for 2/4/2008

2/4/2008
May Wheat finished up 29 at 989 1/2, 1 off the high and 29 up from the low. July Wheat closed up 30 at 904 1/2. This was 29 1/2 up from the low and equal to the high.
The March Minneapolis wheat contract again pushed to limit up near the close pulling nearby contracts up in both Chicago and KC. Those contracts also closed limit up. Fund buying occurred during the session on fair volume. Export demand and the scramble for tight stocks in Minneapolis were also contributing factors according to floor traders as was the sharp mid-session rally in crude oil. March, May, July and December contracts in KC all made new contract high closes with March KC closing at 1020 1/4. March wheat in Chicago closed at 973. This week's export inspections for wheat were 16.52 million bushels, down from last week's 24.45 million and below the low end of trade expectations. An average of 16.7 million is needed each week to reach the USDA projection. Cumulative shipments have reached 75.4% of the USDA export forecast for the season as compared with the 5-year average for this time of the year at 66.2% exported. Canada's federal agriculture department forecast a 25% rise in next year's total wheat production today. Weather continues to be favorable to crop development in the US with the exception of a continued moisture deficit in Texas and adjacent wheat growing areas.
May Oats closed up 11 3/4 at 344 3/4. This was 3 3/4 up from the low and equal to the high.