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Wheat Markets Down 1 to 5 Cents Ahead of Tour

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Wheat futures are 1 to 5 cents lower across the three markets after ending the Friday session with most contracts 3 to 9 cents higher. Shorts took some of their winnings off the table ahead of the weekend. There was also some net new buying interest in Chicago, with preliminary open interest up 1,550 contracts. Over the course of the week CBT lost 3.92%, with KC 5.83% and MPLS 2.3% lower. The spring wheat quality tour is being held this week, which should contribute to our understanding of the MPLS HRS crop. CFTC data showed specs in KC wheat trimmed 1,649 contracts from their net short position to 16,156 contracts. In CBT wheat they cut 11,623 contracts from that net long position to 18,751 contracts. They showed a record net short position in MPLS wheat on Tuesday at -13,027 contracts. The French wheat harvest is now 33% complete, a 24% move over the past week. The French crop has been stressed by hot and dry temps, with yield estimates declining.

--provided by Brugler Marketing & Management

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