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Wheat futures settled 1/4 cent to 2 cents higher in KC and MPLS, but 1 1/2 to 2 1/2 cents lower in CHI on Friday. For the week, the Sep16 contract was down 17 1/2 cents in CHI, 9 1/4 cents lower in KC, and down 7 cents in MPLS. According to the CFTC, managed money held net short positions of 130,184 contracts in SRW and 29,268 contracts in HRW as of the close on Tuesday. The group increased their net short positions from week to week by 13,578 contracts and 9,362 contracts respectively. The final yield from the US spring wheat tour was 45.7, compared the 5 year average of 46 bu/ac. The Argentinean wheat planting is 88% complete. Harvest in France is only 41% complete, compared to 68% complete at this time last year. Only 40% of the crop still in the ground is in good to excellent condition, down from 42% last week and from 77% at this time in 2015. Average French export prices are up $15/ton since July 1, according to the IGC. French offers on Thursday were $186/ton compared to average offers of US SRW at $176/ton.
Sep 16 CBOT Wheat settled at $4.07 3/4, down 2 1/2 cents,
Sep 16 KCBT Wheat settled at $4.09 3/4, up 3/4 cent,
Dec 16 MGEX Wheat settled at $5.03 3/4, up 2 cents