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Wheat futures were lower on the day, but closed several cents off their lows in the front months of all three major classes. For the week, KC was flat, MPLS picked up more than 7 cents, and CHI wheat was up nearly 18 cents. The more than 700 point rally in the US dollar index was working against the idea of increasing projections for US wheat exports today. Aussie sources report disappointing yields in southern Australia. The US ag attaché lowered projected production to 24 MMT and cut projected exports. Private estimates for production are as low as 22 MMT. In the weekly report from the CFTC, managed money accounts were shown with a net short position of 43,280 contracts, which is less-short 7,767 contracts compared to the report from last week.
Dec 14 CBOT Wheat closed at $5.32 1/2, down 3 1/2 cents,
Dec 14 KCBT Wheat closed at $5.93 3/4, down 8 1/4 cents,
Dec 14 MGEX Wheat closed at $5.74 1/4, down 3 1/2 cents