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Wheat futures settled mostly steady to 4 3/4 cents higher, with the strength in MPLS. Most contracts closed 4 to 5 cents below their respective daily highs. Trade analysts expect export bookings during the week ending last Thursday to range from 250,000 to 650,000 MT. Australian wheat production in 2016/17 is estimated to be 24.0 MMT by the ag attache there, steady with the post estimate for 15/16. The official 15/16 USDA figure as of the April WASDE report was 24.5 MMT. Canadian wheat stocks as of March 31 are expected to be 13.8 MMT, per a pre-report Reuters survey. That would be down 24% from year ago. The official Stats Canada report is due to be released on Friday. January to March Argentinean wheat exports were up 105% from a year ago, following the removal of the export tariff late last year.
Jul 16 CBOT Wheat settled at $4.71 1/4, up 1/2 cent,
Jul 16 KCBT Wheat settled at $4.57 3/4, up 2 cents,
Jul 16 MGEX Wheat settled at $5.41, up 4 3/4 cents