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Wheat futures closed 1 to 10 cents higher on the day. The Sept 14 KCBT contract displayed the most strength and was up nearly a dime. The Spring Wheat Tour projected average yield of 48.6 bpa, an all time record. The 5 year average for the group is 44.7 bpa. They projected durum yield at 36.6 bpa. Australia is expecting current dry weather in the eastern part of the country to last another 60-90 days, affecting wheat and other crops. GULF CIF SRW bids slipped a nickel for July this morning, currently at +$.40 September. Trader talk regarding crop quality in France continues as rains hit the east and northern portions of the country. As of the close last Tuesday, managed money account sold 8,024 contracts in CBOT wheat for the week, giving them a net short position of 54,519 lots.They were still net long 13,407 contracts in KC.
Sep 14 CBOT Wheat closed at $5.38, up 9 1/4 cents,
Sep 14 KCBT Wheat closed at $6.31 1/4, up 10 3/4 cents,