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On September 25, the wheat market showed notable gains, with CBT soft red wheat futures rising 4 to 5 cents and KC hard red wheat futures up 10 to 12 cents. MPLS spring wheat also increased by 10 to 11 cents. The USDA’s Crop Progress report indicated that 85% of the US spring wheat harvest was complete as of September 7, surpassing the usual pace by 1 percentage point.
Export Inspections for the week ending September 4 reported 424,993 MT (15.62 mbu) of wheat shipped, a decline of 47.12% from the previous week and 31.57% from the same week last year. The top export destinations were South Korea (68,604 MT), the Philippines (65,999 MT), and Bangladesh (60,802 MT). Since June 1, total marketing year shipments reached 7.065 MMT (259.6 mbu), an increase of 10.09% year-over-year.
Ukrainian wheat production was revised upward by APK-Inform to 21.9 MMT, with exports projected at 15.3 MMT, while Sovecon estimated the Russian wheat crop at 86.1 MMT, reflecting an increase of 0.7 MMT from prior estimates.
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