September Wheat futures closed up 5 1/4 at 680 3/4, 6 1/4 off the high and 1/4 up from the low. December Wheat futures finished up 5 at 713 3/4. This was 7 3/4 up from the low and 9 1/4 off the high. December Oats futures finished up 4 1/4 at 284. This was 5 up from the low and 1/2 off the high.

December wheat traded higher overnight and then extended its gains into the start of the day session. The market traded below the early highs into early afternoon on a lack of fresh buy orders in futures and more neutral outside markets in comparison to yesterday. Futures traders noted that support came from another very strong export sales total on the USDA's weekly Export Sales report along with an announcement by Vladimir Putin this morning that Russia will extend its ban on grain exports until after next year's summer/fall harvest is complete. The ban had previously been scheduled to run through December 31st, 2010. India reportedly bid on an export tender to Bangladesh again today after that tender had been rescheduled. Traders are uncertain as to whether India will end its ban on wheat exports due to its large domestic surpluses of wheat and rice. This week's net export sales for wheat came in above the highest trade estimate at 1,024,100 tonnes, all for the current 2010/11 marketing year. The biggest buyers were Nigeria, Turkey, Mexico and Egypt. As of August 26, cumulative wheat sales stand at 43.1% of the USDA forecast for 2010/2011 versus a 5 year average of 43.7%. Sales need to average 466,000 tonnes each week to reach the USDA forecast. Japan bought 138,857 tonnes of wheat on its regular weekly tender. Tunisia bought 50,000 tonnes of optional origin wheat on a scheduled tender.