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Wheat futures settled mostly 3/4 to 5 cents lower on Friday, although front month Jul16 SRW squeaked out a 1/2 cent gain on the day. The sharp climb in the USD Index along with good yield reports from Kansas each put downward pressure on the US wheat markets. For the week, the front month wheat contracts were down 26 1/2 cents (SRW), 38 cents (HRW), and 22 cents (HRS). The weekly CFTC report showed managed money held net short positions of 63,288 contracts and 3,989 contracts in SRW and HRW respectively as of the close on June 21.The Argentinean farm ministry estimates local farmers have sowed 32% of an estimated 5.34 million HA of intended wheat area.However, the Buenos Aires Grain Exchange believes planted area will only be 4.5 million HA, as they predict that the late soybean harvest has caused a setback in wheat acreage. FranceAgriMer estimated that 71% of French wheat was in good to excellent condition as of June 20, down 4 points from the previous week.
Jul 16 CBOT Wheat settled at $4.54 3/4, up 1/2 cent,
Jul 16 KCBT Wheat settled at $4.22 3/4, down 5 cents,
Sep 16 MGEX Wheat settled at $5.26 1/2, down 4 1/2 cents