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On October 23, wheat futures rose significantly during Monday trading, with CBT soft red wheat gaining 17 cents to reach $5.29 1/2, and KC HRW futures also increasing by 16 to 17 cents. MPLS spring wheat saw smaller gains of 7 to 9 cents. Export shipments for the week ending on the same date totaled 258,543 MT (9.5 mbu), down 47.61% from the prior week and 12.26% from the same time last year, with South Korea being the top destination at 109,639 MT.
Additionally, U.S. and Chinese officials held constructive talks over the weekend in Malaysia regarding trade discussions. While no specific outcomes on wheat were mentioned, the engagement between negotiators suggests a more amicable approach leading up to a meeting between President Trump and President Xi scheduled for Thursday.
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