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On Tuesday, wheat prices experienced overall gains, with Chicago SRW futures rising by 6 to 7.5 cents, closing at $5.37 3/4, and KC HRW futures increasing by 6 to 7 cents, closing at $5.23 1/2. The MPLS spring wheat saw smaller gains of 4 to 5 cents, reaching $5.93 3/4. Concerns over potential Russian actions to block Ukraine from maritime access contributed to this strength, alongside recent trading data.
The CFTC’s delayed Commitment of Traders report for the week of October 21 revealed that CBT wheat speculators decreased their net short positions by 2,918 contracts to 108,825. KC wheat speculators also reduced their net short to 67,271 contracts, cutting 433 contracts. Additionally, EU wheat exports from July 1 to November 30 totaled 9.66 million metric tons, down 0.48 million from the previous year. Algeria issued a tender for 50,000 metric tons of soft milling wheat, with a Wednesday deadline.
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