September Wheat finished up 5 1/2 at 595, 9 off the high and 12 1/2 up from the low. December Wheat closed up 6 at 627. This was 13 up from the low and 8 off the high.

    December wheat traded higher on the day today, although prices retreated from the high established in the first minutes of the day session. That high in turn fell short of the high for the move established last Thursday. Continued hot and dry weather in NW Europe and in Russia continues to buoy the wheat market, according to traders. December wheat posted a modest gain over corn today in light trade by spreaders. There was also fear this morning that declining production forecasts in Russia could bring government intervention into the grain export market in the form of restrictions on export licensing, although officials there have made it clear so far that they have no plans to restrict exports at this time. Past interventions have been made to cool food inflation. The government is currently forecasting inflation into the end of the year at 6%, while some private forecasts are higher.

    December Oats closed down 4 1/4 at 258. This was 1/2 up from the low and 7 3/4 off the high.