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Wheat futures closed sharply higher, with Chicago up 20 to 25 cents, KC up 20 to 26 3/4 and MPLS up 15 1/2 to 25 1/2 cents per bushel. The US Dollar Index was sharply higher today but it didn’t matter. The turmoil in the Russian economy has the trade anticipating restrictions of some type will be placed on exports. Various reports suggest shipment priority will go to four countries. A Russian embargo in 2010 caused significant losses for Egypt, and Russian officials are taking pains to indicate that Egypt will receive special treatment under any new rules. Saudi Arabia is not on the list. Maybe it is something to do with crude oil?
Mar 15 CBOT Wheat closed at $6.48 1/2, up 25 1/4 cents,
Mar 15 KCBT Wheat closed at $6.81 1/2, up 26 3/4 cents,
Mar 15 MGEX Wheat closed at $6.59 3/4, up 25 1/2 cents