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The wheat complex experienced gains on Friday, with Chicago Board of Trade (CBOT) soft red wheat futures rising by 2 to 3 cents; December futures increased 4.25 cents this week. Kansas City Hard Red Wheat (KCBT) futures rose by 4 to 5 cents, with December up 9.5 cents since last Friday. Minneapolis Grain Exchange (MGEX) spring wheat saw a fractional increase, with December rising 5.75 cents this week.
The USDA’s monthly WASDE report showed no changes to demand, but exports were raised by 25 million bushels to 900 million bushels, resulting in stocks dropping by the same figure to 844 million bushels. The U.S. cash average price for wheat was cut by 20 cents to $5.10. Global stocks increased by 3.98 million metric tons to 264.06 million metric tons, largely due to higher production forecasts from Russia (up 1.5 million metric tons), the EU (up 1.85 million), Canada, and Ukraine (both up 1 million), with Australia seeing the largest increase of 3.5 million metric tons.
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