July Wheat finished up 15 1/2 at 791, 16 1/4 off the high and 19 3/4 up from the low. December Wheat closed up 15 1/4 at 825. This was 19 up from the low and 16 1/2 off the high.

Wheat opened higher and remained in a narrow range early in the session before surging to new highs late in the morning. Wheat then retreated from its highs late in the session to close near the mid point of the day's trading range, but still substantially higher on the day. Traders indicated that support came from reports of continued dry weather in Australia's largest wheat producing province of New South Wales. Rains there were lighter than expected over the weekend and coverage was only partial. Forecasters are calling for dry weather to possibly continue for another week in NSW. Other areas in Australia have mostly adequate to good soil moisture. Traders also indicated that the market was also supported by reports of export buying by Iraq. Bangladesh announced a tender for 100,000 tonnes of wheat and South Korea bought 21,800 tonnes of wheat. This week's export inspections for wheat were 12 million bushels which was below trade expectations. Weekly inspections of 42.592 million bushels are needed to reach the USDA's projection for the current marketing year. Total sales to date stand at 92.4% of the projected total compared to a 5-year average of 92.8%.

July Oats closed down 3 at 391. This was equal to the low and 5 off the high.