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At midday, the wheat complex showed gains, with CBT soft red wheat futures rising 1 to 3 cents and KC HRW futures up 7 to 9 cents. Export inspections for the week ending September 4 reported wheat shipments of 424,993 metric tons (15.62 million bushels), a 47.12% decline from the previous week and 31.57% lower than the same week last year. Key destinations included South Korea (68,604 MT), the Philippines (65,999 MT), and Bangladesh (60,802 MT).
As of September 2, spec funds increased their short position in Chicago wheat futures by 356 contracts, totaling 81,943 contracts. In Kansas City wheat, the short position rose by 6,000 contracts to 54,681. Additionally, Ukrainian wheat production forecasts were raised to 21.9 million metric tons, and Russian wheat crop estimates increased to 86.1 million metric tons.
Current wheat futures prices are as follows: CBOT September at $5.02, KCBT September at $4.89 ½, and MGEX September at $5.45 ¼.
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