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Wheat futures posted another day of double digit losses for all three classes. The respective front months lost 7 to 9.5% on the week. Improvements to questionable weather in both the US and other areas of the world combined with a higher dollar and weak export prospects to put significant pressure prices. Old crop export sales in the weekly USDA report for the week ending May 21 were just 42,500 MT, and the accumulated commitments for the marketing year are about 1.48 million MT shy of the USDA projection with only about 1.5 weeks worth of reporting left in the period as the wheat marketing year ends on May 31. As of last Tuesday, the managed money accounts were shown to be adding to their net short position in SRW futures and options, but reported a net long position of 4,722 contracts in HRW wheat. That cost them as the week unfolded.
Sep 15 CBOT Wheat closed at $4.82 1/4, down 12 1/4 cents,
Sep 15 KCBT Wheat closed at $5.07 3/4, down 12 1/4 cents,
Sep 15 MGEX Wheat closed at $5.41 1/2, down 16 1/4 cents