The wheat market reported modest gains on Friday, with Chicago SRW futures up 4 to 5 cents, Kansas City HRW contracts increasing by 1 to 2 cents, and MPLS spring wheat rising 4 to 5 cents. The September 24 CBOT Wheat price reached $5.42, a gain of 4.5 cents.
The monthly WASDE report is set for release on Monday, with expectations for a slight increase in all wheat ending stocks to 859 million bushels, a rise of 3 million bushels due to anticipated production hikes. Meanwhile, France’s crop estimate was reduced by 3.3 million metric tons to 26.3 million metric tons, with 88% of the harvest complete and only 48% rated as good/excellent, down 2% from the previous week.
In contrast, Russia’s wheat crop estimate was revised upward by IKAR to 83.8 million metric tons, while SovEcon decreased its estimate by 1.8 million metric tons to 82.9 million metric tons. Additionally, Algeria’s recent tender involved purchases of 600,000 metric tons of wheat.
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