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Wheat prices in the US are down 3 to 4 cents by midday, with Chicago Board of Trade (CBOT) September wheat at $5.42, KCBT September at $5.26, and MGEX September at $5.90. This follows a rally on Friday where CBT prices increased by 12 to 13 cents. The Wheat Quality Council Tour is scheduled for this week, generating reports on spring wheat prospects.
Bangladesh has signed a memorandum of understanding to purchase 700,000 metric tons (MT) of US wheat annually over the next five years, a significant rise from the 648,567 MT exported to Bangladesh over the past five years combined. As of July 12, the Commodity Futures Trading Commission (CFTC) reported that speculators increased their net short positions in Chicago and Kansas City wheat by 4,893 and 4,683 contracts, respectively.
This week’s USDA export inspections reported 732,290 MT of wheat inspected in the week ending July 17, up from 444,631 MT the previous week, and a notable increase from 290,636 MT the same week in 2024, bringing year-to-date inspections to 3.021 million MT, a 13.7% increase compared to last year.
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