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Wheat futures settled Friday trading 2 to 3 cents lower in KC, and down 3 to 6 3/4 cents in MPLS. The CHI market, however, finished fractionally mixed. The front month Jul16 contract posted a weekly gain of 13 3/4 cents in CHI, 10 3/4 cents in KC, and just 1/4 cent in MPLS. The USD was up nearly 600 points on Friday. The US markets will be closed on Monday in observance of Memorial Day. During the week ending Tuesday, May 24, managed money increased their net short position by 17,061 contracts and 3,681 contracts in CHI and KC respectively. Marketing year to date Russian wheat exports totaled 23.1 MMT as of May 23, compared to 21.05 MMT during the same period in 2015. South African wheat prices posted an all-time record high on Thursday, boosted by news of an expected 30% increase to the country’s import tariffs.
Jul 16 CBOT Wheat settled at $4.81 1/2, up 1/4 cent,
Jul 16 KCBT Wheat settled at $4.59 3/4, down 2 1/2 cents,
Sep 16 MGEX Wheat settled at $5.35 1/2, down 6 3/4 cents