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Wheat futures are declining as CBT soft red wheat prices fell by 7 to 8 cents and KC HRW futures dropped by 9 to 10 cents midday on Thursday, October 19. MPLS spring wheat futures also decreased by 4 to 5 cents across most contracts. This decline may be attributed to market reactions to the recent Trump/Xi meeting in South Korea, though no specific wheat-related announcements were made.
During the week of October 23, wheat export business is projected to range between 350,000 to 600,000 MT. Additionally, South Korean mill importers have tendered for 40,300 MT of wheat, with a deadline set for Friday.
Current wheat prices include: Dec 25 CBOT Wheat at $5.24 3/4 (down 7 1/2 cents), Mar 26 CBOT Wheat at $5.40 3/4 (down 7 cents), Dec 25 KCBT Wheat at $5.13 (down 9 3/4 cents), Mar 26 KCBT Wheat at $5.28 1/4 (down 9 3/4 cents), Dec 25 MGEX Wheat at $5.55 3/4 (down 4 3/4 cents), and Mar 26 MGEX Wheat at $5.76 (down 4 cents).
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