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Wheat futures are seeing a decline in early Friday trading, with contracts down 2 to 4 cents. This follows a recovery on Thursday where CBT soft red wheat futures gained 5 ¼ to 7 ½ cents and KC HRW futures increased by 3 ¾ to 5 ½ cents. Open interest rose by 2,272 contracts on Thursday.
The USDA reported wheat export sales at 539,842 MT for the week ending September 18, a 43.02% increase from the previous week and more than triple the volume compared to the same week last year. The Philippines was the top buyer with 116,000 MT, followed by Italy at 86,900 MT and Indonesia at 77,400 MT.
Current estimates for global wheat production include Russia’s crop at 87.5 MMT, while EU production is estimated at 132.6 MMT, which is an increase of 4.5 MMT from last month. The EU’s ending stocks rose to 10.8 MMT, up 3.2 MMT.
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