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Wheat futures settled mostly 5 to 7 cents lower on the day but the front months eked out gains for the week: HRW futures were just a quarter cent higher, but SRW futures were up more than a nickel, and HRS gained 4.5 cents. The USD was down about 350 points from last Friday. Stats Canada updated wheat production estimates this morning, putting all wheat production about 1 MMT higher than average trade guesses at 26.06 MMT (USDA: 25.00 MMT). Of that, 19.05 MMT is spring wheat, while 4.74 MMT is expected to be durum; both more than 20% smaller than the 2014 production. Ukrainian wheat exports over the last three months added up to 5.5 MMT, according to its Ag ministry. CFTC says that managed money was net 8,717 contracts less short in SRW wheat and net 1,211 contracts less short in HRW wheat compared to a week earlier as of the Tuesday close.
Dec 15 CBOT Wheat closed at $5.13 1/4, down 5 cents,
Dec 15 KCBT Wheat closed at $5.00 1/2, down 7 cents,
Dec 15 MGEX Wheat closed at $5.27 1/4, down 4 cents