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Wheat futures settled 4 to 8 cents lower in CHI and KC, and 1 to 4 cents lower in MPLS on Friday.? In each respective September contract, CHI and MPLS wheat each dropped by 22 1/2 cents (-4.7%; -4.6%), and KC slipped by 13 1/4 cents (-2.9%). CHI wheat managed money accounts increased their net short position by 3,680 contracts to a net short position of 7,217 contracts as of the Tuesday close.? The Commitment of Traders report also showed KC wheat accounts also increased their net short position by just 32 contracts to 7,010 contracts net short. Early Friday morning Egypt purchased 55,000 MT of Ukraine wheat at $190.90/ton from Venus Trading. The country purchased 60,000 MT of Russian wheat for $190.07/ton on Thursday. The US is still not price competitive to that destination. Dryness is intensifying over parts of India, as the monsoon has dwindled somewhat. Traders still believe that EU production is being underestimated by USDA. ?
Sep 15 CBOT Wheat closed at $4.77, down 7 1/4 cents,
Sep 15 KCBT Wheat closed at $4.57 3/4, down 6 3/4 cents,
Sep 15 MGEX Wheat closed at $4.90 1/2, down 4 cents