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The winter wheat contracts were weak all week and Friday was no different. Chicago was down almost 4 cents, Kansas City almost a penny and Minneapolis managed to close up a half cent. All three were down on the week, despite strong export sales. US weekly wheat export sales were up 61% from the prior week for old-crop at 458,400 MT and came in at 106,000 for the 2015/16 crop. Together, the 564,400 MT total was up nearly 50% from the 377,200 MT reported the prior week. The generally bearish views on the part of managed money didn’t spare wheat. Selling 11,892 contracts left managed money short 2,462 contracts in Chicago wheat and reduced the long position in Kansas City by almost 4,000 contracts to 15,860 long. Index funds increased their longs in Chicago wheat in the CFTC report but trimmed long positions in Kansas City, leaving them long by just over 99,200 in Chicago and almost 28,000 in Kansas City.
Mar 15 CBOT Wheat closed at $5.30, down 3 3/4 cents,