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Wheat futures slid lower again today with the CHI and KC contracts posting double digit losses, and MGE contracts losing a few more cents on the session. NASS says the US Spring wheat crop is 81% harvested, vs. the five year average of 62% for this week of the year. Weekly USDA export inspections were 511,965 MT, down about 4.6% week/week, and 18.3% lower than the same week a year ago. The US Dollar Index is up more than 100 points for the Monday session, following a nearly 800 point surge on Friday. Wheat planting in Cordoba province of Argentina wrapped up last week, according to La Nacion, delayed by almost a month by wet weather. Producers were compensating for the wet and late conditions with additional anti-fungal treatments and more widespread insecticide use.
Sep 16 CBOT Wheat settled at $3.70 1/2, down 13 cents,
Sep 16 KCBT Wheat settled at $3.74 1/4, down 15 1/2 cents,
Sep 16 MGEX Wheat settled at $4.88 1/4, down 4 1/4 cents