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The wheat market is experiencing gains, with CBT soft red wheat futures up 4 to 5 cents, while KC HRW futures are up 7 to 8 cents on October 10, 2023. MPLS spring wheat futures have also seen increases of 2 to 3 cents.
In the week ending October 9, the Export Inspections report indicated 444,138 MT (16.32 mbu) of wheat were shipped, 18.99% lower than the previous week but 16.85% higher than the same week last year. Major buyers included Indonesia (77,936 MT), Japan (70,338 MT), and Mexico (68,856 MT), with the marketing year total at 10.665 MMT (391.852 mbu), reflecting an 18.11% increase year-over-year.
South Korea is seeking 95,000 MT of wheat from the U.S. and Canada, with a tender deadline set for Wednesday. The French Farm Ministry estimates the country’s soft wheat crop at 33.2 MMT, a slight decrease from last month, and the EU’s soft wheat exports from July 1 to October 12 are down by 1.61 MMT year-over-year at 5.51 MMT.
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