Wheat (P) Futures PricesMon, Sep 22nd, 2014
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Wheat futures settled steady to 3 cents lower, with KC close to UNCH. Nearby Chicago December was up 2 1/4 due to export business. Egypt bought 55,000 MT of US SRW for shipment 10/21-10/31 according to GASC. The US winter wheat crop is now 25% planted, according to the weekly Crop Progress Report from the USDA; that is 3 points ahead of the 5yr average. Approximately 14% of the Spring wheat crop is still in the fields at the start of this week, vs. the typical 8% according to the 5yr average. USDA reported export inspections for the past week totaled 506,612 MT, vs. 644,818 MT during the same week last year. The YTD inspections total is 34% less than it was at this point a year ago. Higher Russian prices have just recently made the US competitive again in world markets.
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