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The wheat complex reported gains across all three exchanges on Tuesday, October 24, 2023. CBT soft red wheat increased by 3 to 5 1/2 cents, while KC HRW futures rose by 5 1/2 to 6 1/4 cents. MPLS spring wheat futures closed up by 1 1/2 to 2 1/2 cents.
The weekly Crop Progress report was not released due to the ongoing government shutdown, although expectations were for 84% of the winter wheat crop to be planted by October 26. European Commission data estimates soft wheat exports at 6.25 million metric tons from July 1 to October 26, down from 7.92 million metric tons during the same period last year.
On the exchanges, December 25 CBOT Wheat closed at $5.29 (up 3 cents), March 26 CBOT Wheat at $5.45 3/4 (up 3 3/4 cents), December 25 KCBT Wheat at $5.20 (up 5 3/4 cents), and December 25 MGEX Wheat at $5.62 3/4 (up 1 1/2 cents).
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