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The wheat market showed gains on Thursday, September 21, 2023, with Chicago Board of Trade (CBOT) soft red wheat futures increasing by 6 to 7 cents, Kansas City hard red winter (HRW) futures up by 4 to 5 cents, and Minneapolis spring wheat futures rising by 3 to 4 cents. December 25 CBOT wheat is now priced at $5.26 ½, while December 25 Kansas City wheat is at $5.11 ¾.
The USDA reported weekly export sales of 539,842 metric tons in the week ending September 18, surpassing expectations (300,000 MT – 600,000 MT) and representing a 43.02% increase from the previous week, more than tripling the sales from the same week last year.
Additionally, Russia’s wheat crop is estimated at 87.5 million metric tons, up 0.5 million from previous estimates, signaling potential impacts on international wheat supply and pricing.
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