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Wheat Extends Gains

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Following the 20+ cent rally in winter wheat on Thursday, futures are up another 3 to 8 cents this morning. On Thursday CBT futures also climbed 1.75% to 3.6%, KC futures were 3.24% to 4.25% higher, and MPLS spring wheat futures closed 10 1/4 to 12 3/4 cents in the black. Analysts are expecting between 200k and 600k MT of wheat sales in the Columbus Day delayed Export Sales report. The Rosario Grains Exchange lowered their forecast for 2020/21 Argentine wheat production 1 MMT to 17 – citing the prolonged dry season. Strategie Grains sees EU + Britain wheat output at 219.5 MMT, a 200k MT gain from the previous forecast. December milling wheat on the MATIF traded at a 12 month high ($6.58/bushel @ current exchange rate). Japan bought 62,140 MT of US wheat in the weekly tender.

--- provided by Brugler Marketing & Management

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