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Wheat futures closed around 3 cents higher in CHI on Wednesday afternoon, but prices were fractionally mixed in KC, and 1 to 2 cents lower in MPLS. A survey of trade analysts shows that 150,000 to 400,000 MT of sales were estimated to have been booked during the week ending last Thursday. In its WASDE report yesterday, USDA increased its estimate for Canadian wheat exports by 2.5 MMT to 22.0 MMT, picking up all of the 0.68 MMT cut to the US exports projection. The Canadian ending stocks estimate was reduced by 1.3 MMT to 4.39 MMT. Bloomberg reported that farmers in India may harvest their smallest wheat crop in six years. Analysts are expecting a 5% drop in production to 84.5 MMT (USDA: 88.94 MMT). Indian wheat imports were estimated by the USDA at only 0.50 MMT on Tuesday, unchanged from January. Japan purchased 146,000 MT of US, Canadian, and Australian wheat today for Mar 21 to April 20 delivery. The US was responsible for 31,750 MT of white wheat, and 22,630 MT of HRW.
May 16 CBOT Wheat settled at $4.65, up 3 1/4 cents,
May 16 KCBT Wheat settled at $4.54 1/4, down 1/2 cent,
May 16 MGEX Wheat settled at $4.90 3/4, down 1 3/4 cents