Spring wheat futures at the Minneapolis Grain Exchange settled lower on Friday, retreating from Thursday's rally in a round of profit-taking. The Minneapolis December spring wheat contract ended down 8 cents at $8.26, while March wheat closed down 10-3/4 cents a bushel at $8.14-1/4.
December ranged on the day from $8.19 to $8.36 and March wheat ranged from $8.10 to $8.26. Early strength in corn and soyabean futures helped underpin wheat prices, but as gains eroded in the fall crop futures and Kansas City and Chicago wheat prices gave way to profit-taking ahead of the weekend, Minneapolis followed. The market largely shrugged off news that weekly export sales of US wheat were higher than expected.
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