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Wheat Fades in Afternoon still Higher on Day

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Front month wheat futures gave back some of the double digit gains in the afternoon session. SRW futures held onto gains, closing 2 1/4 to 7 cents higher. KC wheat closed mostly lower after afternoon selling. MPLS ended the Friday session 2 1/4 cents lower to a penny/bushel higher. USDA’s Export Sales report showed weekly wheat bookings were on the high end of estimates with 529k MT sold. The week’s wheat shipments were 507k MT, bringing the accumulated shipments to 9.997 MMT (367 mbu). South Korea purchased 65k MT of U.S. feed grade wheat. The weekly data release from CFTC showed SRW spec funds were 8,254 contracts more net long, with 1,030 contracts higher OI. In HRW, managed money had added 4,818 contracts to their net long – now at 32,197. MPLS spec traders are the least net short since March 26 of 2019, in a 110 week consecutive net short.

Dec 20 CBOT Wheat closed at $6.25 1/4, up 7 cents,

Dec 20 KCBT Wheat closed at $5.58 3/4, up 3/4 cent,

Dec 20 MGEX Wheat closed at $5.59 3/4, up 1 cent,

--- provided by Brugler Marketing & Management

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