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December Chicago wheat closed higher for its 4th straight session and finally broke above the $9.00 level on Thursday. Positive technical signals along with surging European wheat markets continue to offer support to the bull camp.
Wheat closed with modest losses compared to beans and corn with a late
round of buying support.
Wheat futures were supported throughout Monday by strength in the corn market. Wheat weekly export inspections came in at 31.6 million bushels which was sharply higher than trade expectations.
Wheat closed lower and gave back a good portion of Monday's gain on a lower dollar and followed corn to the downside.