Wheat futures saw gains of 1 to 2 cents in most KC contracts, as CBT front months were also higher. Most nearby MPLS contracts were 2 to 6 1/2 cents lower. Tuesday’s USDA baseline projections place the 2018/19 wheat acreage at 45 million acres, down from 2017/18’s 46 million acres. Monday’s CFTC report showed spec funds adding 10,317 contracts to their net short position in KC wheat futures and options as of last Tuesday.
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