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On Tuesday, the wheat markets showed notable strength, with CBT soft red wheat futures rising by 3 to 4 cents, KC HRW futures gaining 6 to 7 ¼ cents, and MPLS spring wheat futures increasing by 2 cents. The Export Inspections report revealed that 444,138 metric tons (16.32 million bushels) of wheat were shipped in the week ending October 9, marking an 18.99% decrease from the previous week but a 16.85% increase from the same week last year. Indonesia was the largest buyer, importing 77,936 MT, followed by Japan with 70,338 MT and Mexico with 68,856 MT.
As of now, the marketing year total for wheat shipments stands at 10.665 million metric tons (391.852 million bushels), which is an increase of 18.11% compared to the same period last year. Additionally, South Korea is currently tendering for 95,000 MT of wheat from the US and Canada, with bids due by Wednesday. The French Farm Ministry has estimated its soft wheat crop at 33.2 million metric tons, a slight decrease from last month’s estimate.
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