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Wheat futures closed higher on the day, after most contracts posted more than a 25 cent trading range on the day. CBT futures were 2-5 cents higher, KC futures added a half cent to nearly 3 cents in the deferred contracts, and MPLS was 3 to 12 1/2 cents higher with more strength up front. European wheat crops are stressing and yields are dropping, due to high temperatures and limited rain. US weekly export inspections were 368,818 MT, up 2.29% from the week before, but well behind the same week last year. The USDA Crop Progress report states that the winter wheat harvest is 55% completed vs the 5yr average of 59% for this week. National condition ratings slipped slightly from the previous week. The spring wheat crop is 76% headed, WAY ahead of the 5yr average of 47% for this date. The weekly Commitment of Traders report from the CFTC showed managed money accounts with a net long position in CBT wheat of 14,106 contracts when they had been net short more than 50,000 contracts the previous week. The MM net position for KC wheat also flipped from net short to net long, coming in at net long 2,236 contracts after a net shift of 5,078 contracts during the week ending June 30.
Jul 15 CBOT Wheat closed at $5.88 1/2, up 2 3/4 cents,
Jul 15 KCBT Wheat closed at $5.76 1/4, up 1/4 cent,
Jul 15 MGEX Wheat closed at $6.18 3/4, up 12 1/2 cents