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Wheat futures settled mixed in KC and MPLS, but were down 6 to 8 cents in Chicago. The Russians haven’t retreated out of Ukraine to the best of our knowledge, but bulls with money made were reluctant to risk it on developments over the long holiday weekend. While US export shipments have lagged, total export commitments are 45% of the full year forecast and would typically (5 year average) be only 43% by this week. The IGC hiked projected world wheat production a whopping 11 MMT, to 713 MMT, seeing increased production potential in several countries since last month.
Sep 14 CBOT Wheat closed at $5.50 1/4, down 6 1/4 cents,
Sep 14 KCBT Wheat closed at $6.26 1/4, down 8 3/4 cents,