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November 17, 2017
US wheat futures closed lower this week in spite of a late week rally following broad strength in commodities as the U.S. dollar declined, traders said. CBOT December wheat fell 2 cents to $4.27/bu, KCBT lost 7 cents to $4.22/bu and MGEX gave up 9 cents to end at $6.35/bu. CBOT December corn gained 2 cents to $3.43/bu and CBOT January soybeans fell 9 cents to $9.90/bu.

Net weekly export sales of 489.4 TMT reported for the 2017/18 market year were down 37 percent from the previous week, down 7 percent from the prior four-week average but within market expectation range of 350.0 TMT to 550.0 TMT.

U.S. winter wheat is now 94% planted. USDA reported that 84% of the crop is emerged. The crop condition is relatively unchanged from last week, though analysts are noting dry conditions in the Plains.

The Baltic Exchange's main sea freight index snapped its six-session losing streak on Friday, as rates for capesize vessels recovered. The overall index rose 10 points, or 0.73 percent, to 1,371 points. The index has fallen 6.3 percent for the week, its fourth straight weekly fall.

The dollar fell against a basket of other major currencies on Friday, as Treasury yields slipped and investors remained skeptical of U.S. Republicans' efforts to pass tax cuts after a barren first year for the Trump administration in Congress. The dollar index was down 0.31 percent to 93.645. For the week, the index was down 0.8 percent.

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