Wheat markets are experiencing mixed trading, with hard red contracts rising on Monday morning. On Friday, most contracts faced losses, with Chicago SRW down 9 to 12.75 cents, and KC HRW futures decreasing by 9 to 11.75 cents. The weekly loss for KC wheat was 33 cents, while MPLS spring wheat fell by 8.5 to 11.75 cents, totaling a weekly decline of 47.5 cents.
The upcoming June Acreage Report is expected to reveal that all wheat acres will total 43.8 million, with 9.5 million for spring wheat and 2 million for durum. Additionally, a South Korean mill importer has tendered for 100,000 MT of wheat from the U.S. and Australia, with a deadline for offers set for Tuesday. Furthermore, Argus projects Russia’s wheat crop to increase to 91.2 million metric tons, up by 2.5 million from earlier estimates.
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