Wheat (P) Futures PricesFri, Jan 30th, 2015
Latest Brugler Wheat (P) Report
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Wheat futures lost 5 cents at Chicago, almost 4 cents at KC and 2 1/2 cents at Minneapolis today. The stronger dollar combined with a weaker euro and possible further erosion of the ruble (since Russia reduced interest rates over night) all spell tough competition for US sales – although Russian export restrictions kick in next week. Though Southern Plains temperatures are turning cooler, no immediate threat to the crop is in the forecast. In the weekly COT report from the CFTC, managed money accounts were shown to be net short 12,026 contracts in Chicago wheat, as of the Tuesday close; more than 9,500 contracts shorter than their net position at the end of the previous week. They were still net long in KC wheat by 11,744 contracts, but that is -4,116 less long than they were in the report a week earlier.
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