“WU ended near 5.41 in mostly range bound trade. KWU ended near 5.28. MWU ended near 5.85. WU is back below the 20 day moving average. USDA estimated World 24/25 wheat crop at 808 mmt vs 800 ly. World exports are estimated at 213 mmt vs 206 ly. This leaves end stocks at 261 mmt vs 263 ly. Weekly U.S. wheat export sales were 762 mt and higher than expected. Total commit is 8.9 mmt vs 8.0 ly,” noted Steve Freed with ADM Investor Services.
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