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Wheat futures showed significant gains on Friday, with Chicago Board of Trade (CBOT) soft red wheat prices rising 8 to 10 cents, while December contracts increased by 21 ½ cents this week. Kansas City Hard Red Winter (HRW) futures gained 7 to 11 ½ cents, with December up 23 cents. Minneapolis Grain Exchange (MPLS) spring wheat futures also saw a slight increase of 2 to 3 cents, with December up 4 cents this week.
The European Commission raised the EU wheat production estimate by 0.8 million metric tons (MMT) to 133.4 MMT, maintaining ending stocks at 10.8 MMT. In related market activities, a South Korean mill imported 40,300 MT of Canadian wheat, and the Argentine wheat crop is 8.4% harvested according to the Buenos Aires Grain Exchange.
As of October 27, FranceAgriMer reported that 67% of the country’s winter wheat crop is planted, marking an increase of 11 percentage points from the previous week. Current close prices include December 25 CBOT Wheat at $5.34, December 25 KCBT Wheat at $5.24 ½, and December 25 MGEX Wheat at $5.53.
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