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Wheat futures settled lower on the day, with the front months down roughly 4 to 11 cents after showing intraday gains of at least a dime earlier this morning. Chicago wheat was able to pick up 2.5 cents on the week, but KC lost more than 11 cents and MPLS wheat was down nearly 3 cents on the week.Export sales reported on Thursday were below expectations.More than 20.4 million bushels are now in the governmental 9 month price support loan program, up 2.375 mbu from the previous week. A Bloomberg survey is putting the Australian wheat crop at 23.2 MMT due to frost and hail damage (and some southern dryness issues) vs. the previous government estimate at 24.2 MMT.The CFTC reported managed money accounts were getting less short in Chicago wheat by a net 9,016 contracts, and they were getting longer in KC wheat by 5,437 contracts.
Dec 14 CBOT Wheat closed at $5.17 3/4, down 9 cents,
Dec 14 KCBT Wheat closed at $5.93 3/4, down 11 1/2 cents,