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Wheat futures were sharply lower on Friday. The front month contract for SRW lost 43.5 cents this week, and Sept HRW futures were down 29cents. Lead month MPLS futures finished the week 38 1/4 cents lower than a week earlier. The US Dollar Index turned higher on the session after the market had digested a load of “Fedspeak” from Federal Reserve Chair Janet Yellen. She stated that economic conditions for a rate increase had improved, but offered no specifics as to when; we suspect they will hold off until after the election. Egypt tendered for wheat to be delivered before October 2. After not buying anything earlier in the week, they agreed to purchase 108,000 MT of Russian wheat on Friday.
Sep 16 CBOT Wheat settled at $3.83 1/2, down 17 3/4 cents,
Sep 16 KCBT Wheat settled at $3.89 3/4, down 15 3/4 cents,
Sep 16 MGEX Wheat settled at $4.92 1/2, down 5 1/4 cents