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On Friday, all three wheat markets are experiencing losses, with CBT soft red wheat futures dropping by 7 to 9 cents. As of midday, KC HRW futures are down 6 to 7 cents, and MPLS spring wheat futures have declined by 5 to 7 cents. Preliminary open interest increased by 10,762 contracts.
Current estimates from SovEcon predict wheat production to total 87.8 million metric tons (MMT), reflecting a 0.6 MMT rise from previous figures. Additionally, as of October 6, the French winter wheat crop is reported to be 5% planted.
As for specific pricing, Dec 25 CBOT Wheat is at $4.98 3/4, down 7 3/4 cents; Mar 26 CBOT Wheat is at $5.15 3/4, down 8 1/4 cents; Dec 25 KCBT Wheat is at $4.83 1/2, down 6 1/4 cents; and Dec 25 MGEX Wheat is at $5.51 1/2, down 5 1/2 cents.
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