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Losses for Friday Wheat

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Wheat futures were 1/2 to 1 1/2 cents lower for the March contracts on Friday. Chicago wheat ended the session 1 1/2 cents lower, KC was lower by a half cent/bu. Spring wheat futures ended 1 1/4 cents lower. The markets will be closed on Monday in observance of Presidents Day. The CoT report with data from 02/11 showed that managed money was less net long for Chicago futures. SRW spec trader OI was mostly net new selling wk/wk. The same report indicated managed money was more net long wk/wk for KC wheat. The long was over 10,000 contracts and the net long is at 7 consecutive weeks. In spring wheat, speculative traders were 6,854 contracts net short, which was a 2,225 increase in the net position wk/wk. Wheat planting acreage from USDA’s long-term projection was 45 MA, which would be 0.2 lower yr/yr. that lower planting puts forecasted ending stocks at 950 mbu, equating the average farm price for 20/21 to be 4.80/bu. The report did insinuate a rising cash average price forecast. According to data from the FranceAgriMer, the French soft wheat crop was rated at 65% good/excellent, compared to 85% last year.

Mar 20 CBOT Wheat closed at $5.42 3/4, down 1 1/2 cents,

Mar 20 KCBT Wheat closed at $4.65 1/2, down 1/2 cent,

Mar 20 MGEX Wheat closed at $5.25 1/2, down 1 1/4 cents,

--- provided by Brugler Marketing & Management

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