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Wheat futures were lower on the day with SRW futures the weakest; they were mostly 9 to 12 cents lower. HRW futures lost between 7.5 and 9 cents and HRS futures ended the day with most contracts between 1 1/2 and 4 1/4 cents lower. The Commitment of Traders report on Friday afternoon revealed a significant amount of short covering had taken place over the previous week; creating room for more shorts. A relatively poor showing for wheat in the weekly export inspections from USDA this morning added downward pressure as they were just 244,331 MT, down 52.5% from last week, and 22.7% smaller than this same week last year. YTD inspections are still up 27.1% year/year. NASS had winter wheat plantings at 79% and emergence at 60% as of Sunday night. Respectively, that is 3 points behind and two points ahead vs. their respective 5yr averages.
Dec 16 CBOT Wheat settled at $4.02 1/2, down 12 cents,
Dec 16 KCBT Wheat settled at $4.12 1/2, down 9 cents,
Dec 16 MGEX Wheat settled at $5.24 3/4, down 4 1/4 cents