On Friday, the wheat market across Chicago, Kansas City, and Minneapolis is seeing declines, with Chicago SRW futures down 6 to 7 cents and KC HRW futures dropping 6 to 12 cents. MPLS spring wheat contracts decreased by 1 to 2 cents. As of the latest weekly export sales report, total commitments stand at 24.67 million metric tons (MMT), which is 15% higher than the same time last year and corresponds to 101% of the USDA’s export projection.
Estimates show the Russian wheat crop at 90 MMT, a reduction of 1 MMT from the previous estimate. Meanwhile, the French soft wheat crop rating is at 83% good/excellent, down 1 percentage point from the prior week. Additionally, Saudi Arabia has issued a tender for 710,000 MT of wheat, with a submission deadline on Friday.
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