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The wheat complex experienced higher trading on Tuesday, with CBT soft red wheat futures gaining 9 cents across nearby contracts. KC HRW futures increased by 9 to 10 cents, while MPLS spring wheat futures rose by 4 to 5 cents at the close. The US dollar index decreased by $0.635, providing support for the market.
According to NASS, 94% of the US spring wheat crop has been harvested, 2% faster than the normal pace, while winter wheat planting sits at 11%, slightly below the 5-year average of 13%. The French wheat crop is estimated at 33.3 million metric tons (MMT), a minor increase from the previous month, with EU wheat exports from July to September 14 projected at 3.78 MMT, down 1.95 MMT from last year.
Key closing prices on Tuesday included: Dec 25 CBOT Wheat at $5.34 (up 9 cents), Mar 26 CBOT Wheat at $5.51 3/4 (up 9 cents), Dec 25 KCBT Wheat at $5.23 1/2 (up 9 1/2 cents), and Dec 25 MGEX Wheat at $5.77 1/2 (up 4 3/4 cents).
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