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Wheat futures settled the Friday session mostly 2 to 5 cents higher. For the week, the May16 contract in each market recorded weekly gains of 11 cents (SRW), 3 1/2 cents (HRW), 14 1/2 cents (HRS). Managed money reduced their net short position in both SRW and HRW during the week ending April 26, by 27,436 contracts and 12,629 contracts respectively. Condition ratings in France were down from 91% good to excellent a week ago to 88% this week. Russia is projected by the USDA to be the largest exporter of wheat in 2016/17, surpassing the US, and the Russian Ag Minister does not see any reason that his country will remove the wheat export tax. The ag attache in Ukraine expects 2016/17 Ukrainian wheat production to fall by 10% year over year to 24.5 MMT, citing a reduction to planted area. Ukrainian exports are expected to be down 1.5 MMT year over year to 14 MMT.
Jul 16 CBOT Wheat settled at $4.88 1/2, up 3 cents,
Jul 16 KCBT Wheat settled at $4.78 1/2, up 4 cents,
Jul 16 MGEX Wheat settled at $5.47, up 4 3/4 cents