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The U.S. wheat complex saw slight gains on Monday, with CBT soft red wheat futures up 1 to 2 cents and KC HRW futures posting gains of 3 to 4 cents. Export inspections for the week ending September 25 reported shipments of 738,604 MT (27.14 million bushels), a decline of 21.41% from the prior week and 33.85% lower than the same week last year. Top destinations included Nigeria (140,472 MT), Bangladesh (117,824 MT), and Japan (89,115 MT).
Speculators in Chicago wheat futures increased their net short position by 12,110 contracts to 97,935 contracts as of September 23. The USDA’s Grain Stocks report, releasing on Tuesday, is expected to show wheat stocks at 2.054 billion bushels as of September 1, with estimates ranging from 1.975 to 2.22 billion bushels. All wheat production is anticipated to be 1.921 billion bushels, 6 million bushels below the prior report.
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