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Wheat Echoes Corn Rally, Up 1 to 2 Cents

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Wheat futures are 1 to 2 cents higher this morning, trailing the corn and soybeans but trying to go the same direction. On Thursday the domestic wheat futures market gave back Wednesday’s recovery and closed the session in the red. CBT futures dropped back 5 1/4 to 7 3/4 cents on the day. Chicago saw a little net new selling, with preliminary open interest up 2,370 contracts. HRW wheat closed the session 8 1/2 to 9 3/4 cents weaker. MPLS HRS wheat futures closed down by 4 cents in the front months. Wheat export sales from USDA’s weekly data release were 192,389 MT. That was below the range of pre report expectations and a 26 week low. Wheat exports were 270,472 MT, and the Philippines were the top destination.

--- provided by Brugler Marketing & Management  

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