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Chicago and KC wheat traded lower into the closing bell on light profit taking following an export sales report that came in below market expectations on Thursday.
December Chicago wheat traded sharply lower into the close Monday as traders took profits from the sharp gains seen Friday.
The lower wheat trade on Monday was linked to weakness in the corn market and profit taking following gains seen last week.
September Chicago wheat traded sharply higher into the close on Friday as the market continued to be concerned with the supply situation in the Black Sea.
September Chicago wheat traded sharply lower into the closing bell after the release of Friday's USDA report.
The wheat complex is still uncertain as to how low Russia wheat production really is. The wheat market set aside the Russian news and followed corn lower on the day Thursday.
Wheat futures were choppy through the day on Thursday, but the market softened with corn into the close.
Wheat was a mixed bag as the winter wheat production came in solidly above pre-report ideas, but an increase in feed demand this summer should help offset the ending stocks numbers.
May wheat gave back all of the early small gains to close down on the day and well off of the early peak.
May wheat opened higher and closed sharply lower on the session Wednesday to experience the lowest close since January 20th.
Wheat was lower on a strong dollar, weakness in gold, and talk of improving crop conditions for the winter wheat crop. Ideas that the spring wheat crop growing areas will be ready to plant much earlier than normal added to the negative tone.
Initially wheat futures faced light pressure from the weekly export sales tally that was just above the bottom end of expectations.
Stronger dollar and better South American weather forecast pushes grain prices lower on Monday.