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Wheat futures finished with 7 to 10 3/4 cent gains in CHI and MPLS on Friday, and up 11 1/2 to 12 1/2 cents in KC. Prices were boosted due in part to concerns of the French wheat crop, as FranceAgriMer stated that only 42% of the unharvested French wheat crop was in good to excellent condition as of Monday. This was a 7 point week over week decline, and down from 76% at the same time last year. For the week, the front month SRW and HRW contracts were up 1/2 cent and 5 1/4 cents respectively. However, Sep16 HRS was down 1 1/2 cents from last Friday. This afternoon’s CFTC report showed that managed money held a net short position of 116,606 contracts in CHI as of Tuesday’s close, and a net short position of 19,906 contracts in KC. From Tuesday to Tuesday, the net short positions grew by 1,938 and 1,189 contracts respectively. Ukrainian wheat exports in 2016/17 are expected by UkrAgroConsult to fall to 13 MMT from the 2015/16 USDA figure of 17 MMT. The current USDA estimate for 2016/17 is 12.5 MMT. Russian wheat production is projected to reach 68 MMT this year by IKAR, up from their previous estimate of 66 MMT, and from the July USDA estimate of 65 MMT.
Sep 16 CBOT Wheat settled at $4.25 1/4, up 7 1/2 cents,
Sep 16 KCBT Wheat settled at $4.19, up 11 1/2 cents,
Dec 16 MGEX Wheat settled at $5.11, up 8 3/4 cents