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Wheat futures closed higher on the day. They were sharply higher by midday, but finished mostly about halfway to their respective session highs. It was another day where the wheat market took off on news of escalating Ukraine/Russia tensions, until profit taking kicked in and the market tucked back in for more reasonable gains. September MPLS wheat traded as high as $6.29, but closed at $6.12 positing a daily gain of less than two cents. The story is that Ukraine is claiming that Russian troops have invaded, and is challenging the West to respond. Weekly export sales reported by the USDA this morning were 403,600 MT, which was on the higher end of pre-report trade expectations, but well inside the range. Export sales since the second week of the marketing year average more than 430,000 MT per week.
Sep 14 CBOT Wheat closed at $5.56 1/2, up 9 1/4 cents,