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Wheat Markets 1 to 2 Higher

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Wheat starts off the Friday session with 1 to 2 cent gains in all three US markets. KC HRW wheat futures were 4 1/2 to 5 cents lower on Thursday. CHI SRW wheat futures ended the session with losses of 3 1/4 to 4 1/2 cents, and were weaker in the deferred contracts. MGE HRS wheat ended the session 4 1/4 to 4 3/4 cents lower. Data from the USDA’s weekly update to Export Sales revealed wheat bookings at the top end of expectations, at 643,050 MT. That is 7.93% more than the same week last year. New crop sales were 44,000 MT, which were also on the high end of expected sales. HRW wheat accounted for 36.04% of the week’s sales and HRS wheat made up 29.78% of the sales. The report indicated wheat shipments for the same week were 506,328 MT, which was 25.08% more than last week’s exports and 19.59% more than the same week last year. Accumulated exports now total 16.615 MMT, which is 14.09% higher yr/yr. EU wheat production for 20/21 is seen at 138.6 MMT by Strategie Grains, which is down 1.2 MMT from their January estimate.

--- provided by Brugler Marketing & Management

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