“`html
The wheat market saw declines on October 17, 2023, with CBT soft red wheat futures dropping 4 to 5 cents. KC HRW futures and MPLS spring wheat futures also recorded losses of 4 to 5 cents and 3 to 4 cents, respectively. The Dec 25 CBOT Wheat closed at $5.00 1/4, down 4.5 cents, while the Mar 26 KCBT Wheat closed at $5.05, down 4.5 cents.
Algeria is seeking offers for 50,000 MT of soft wheat, with a deadline set for Wednesday, while IKAR estimates the Russian wheat crop at 88 MMT, a 0.5 MMT increase. Ukraine’s winter wheat crop is currently 74% planted. The European Commission reported that Ukraine’s wheat exports have reached 5.87 MMT since July 1, which is 1.58 MMT below the same period last year.
“`
