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The wheat market experienced gains on Wednesday, October 16, with CBT soft red wheat futures increasing by 3 to 4 cents, and KC HRW futures rising by 2 to 3.5 cents. Meanwhile, MPLS spring wheat futures also saw gains of 2 to 3 cents. The December 25 CBOT Wheat closed at $5.03¾, up 3.5 cents.
Algeria purchased an estimated 500,000 to 600,000 metric tons of wheat in a tender on the same day, with expected origins from the Black Sea or Argentina. The USDA will not publish its weekly Export Sales report due to the ongoing government shutdown, although traders anticipate between 350,000 and 650,000 metric tons of wheat sold for the week ending October 16.
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