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The wheat complex experienced mostly higher trading on Friday, with December CBOT soft red wheat futures closing at $5.03 3/4, up 1 1/4 cents. Kansas City HRW futures rose by 2 to 3 cents, with the lead December contract up 8 ½ cents from the previous week, closing at $4.91 1/2. Meanwhile, MPLS spring wheat futures saw steady to slight declines, with December down 3 ¼ cents this week.
As of October 13, FranceAgriMer reports that 27% of the soft wheat crop is planted, an increase from the previous week. In Argentina, the Buenos Aires Grain Exchange estimates the wheat crop at 22 million metric tons (MMT), with 90% rated good/excellent, although concerns regarding colder weather are noted. Algeria recently purchased 400,000 metric tons of wheat, and Ukraine’s wheat exports since July 1 total 5.6 MMT, a decrease of 21% compared to last year.
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