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Wheat prices experienced mixed results on Wednesday, with CBT soft red wheat futures closing at $5.09 1/4, up 1 1/4 cents. Meanwhile, KC HRW futures were down 2 to 3 cents, closing at $4.95 1/2, while MPLS spring wheat futures saw losses of 5 to 6 cents, settling at $5.57. Open interest rose by 13,157 contracts on Wednesday, indicating increased trading activity.
In key developments, Saudi Arabia issued a tender for 420,000 MT of hard wheat, with offers due on Friday. Export Sales data, previously expected to be released Thursday, has been delayed; analysts had projected wheat sales between 300,000 and 650,000 MT for the week ending September 25.
The upcoming week is forecasted to be drier for most of the country, potentially affecting winter wheat planting, especially in southern Nebraska and northern Kansas.
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