Spring Wheat Futures PricesThu, Sep 3rd, 2015
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Wheat futures closed lower on Thursday afternoon. CHI wheat closed with losses from 9 to 16 1/2 cents (with Sept the weakest), while KC and MPLS each lost 4 to 8 cents. The wheat markets experienced further pressure from a stronger US Dollar Index which was up more than 500 points for most of the day. Sep15 CHI wheat closed 26% off its most recent high from June 30, and just a half of a cent off its daily low. That marks six of the last eight days closing lower. The weekly Export Sales report showed 277,900 MT of wheat was sold during the week ending 8/27. Mexico was the largest buyer (75,300 MT) with Italy not far behind (63,800 MT). Trade estimates were looking for sales of 250,000 MT to 520,000 MT. Net sales were down 47.5% from the previous week, but shipments were up 49% at 530,400 MT. Allendale reports that Egypt purchased 170,000 MT of Russian wheat.
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