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The wheat market showed mixed results on Wednesday, July 24, 2023. Chicago SRW futures declined by 5 to 6 cents, while KC contracts increased by 2 to 4 cents. The closing prices were $5.23 3/4 for September CBOT wheat, $5.44 1/4 for December CBOT wheat, $5.22 for September KCBT wheat, and $5.77 1/4 for September MGEX wheat.
The Bangladesh government approved the purchase of 220,000 metric tons of U.S. wheat to alleviate trade tensions. Additionally, President Trump announced that tariffs on India would rise to 25% starting August 1, reinforcing trade disagreements amid talks of Russian crude oil purchases.
Export sales estimates for wheat are projected to range between 300,000 and 700,000 metric tons for the week ending July 24, with official data set to be released on Thursday morning.
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