Wheat P May '14 (WK14) CBOT
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Wheat futures ended Friday with moderate gains in all three markets. For the week, the front months were up 12 3/4 cents in CBT and 5 1/2 cents in KC, but Dec16 MPLS was 7 cents lower week/week. USDA left projected US wheat ending stocks UNCH at 1.143 billion bushels. They typically wait for the Grain Stocks report in January to modify domestic use. Exports are running ahead of the expected pace, but with a hike in Aussie production to 33 MMT (and world production revised 6.5 MMT higher) there are legitimate questions about US export volumes in calendar 2017. The average of pre-report trade estimates for 16/17 global ending stocks was 250.3 MMT, based on a Bloomberg survey. The WAOB put it at 252.1 MMT. Managed money accounts were net 2,589 contracts less short in CBT wheat and 13,987 contracts less long in KC wheat than a week earlier, per CFTC data from Tuesday's close. Dec 16 CBOT Wheat settled at $4.00 1/4, up 9 1/2 cents, Dec 16 KCBT Wheat settled at $3.95 1/2, up 8 1/2 cents, Dec 16 MGEX Wheat settled at $5.36, up 1/4 cent
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