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Wheat futures traded higher on Thursday morning, with contracts up 1 to 8 cents following a dip in the previous session. The Chicago SRW futures closed down between 2 and 5.75 cents on Wednesday, with a total open interest decrease of 6,033 contracts. The May 26 CBOT Wheat closed at $5.99 1/4, while the July contract closed at $6.07, both reflecting recent declines but currently showing slight recoveries.
The 7-day NOAA forecast indicates little to no precipitation for the western half of Kansas and the Texas panhandle, while areas further east could see 1 to 2 inches of rain. Upcoming Weekly Export Sales data is expected to show old crop wheat sales between 0 to 250,000 MT for the week of April 16 and new crop sales between 100,000 to 300,000 MT. Taiwan flour mills have purchased 105,950 MT of wheat from the U.S., and Saudi Arabia is seeking to buy 710,000 MT by Friday.
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