“Prices turned higher across all 3 classes ranging from $.03 better in CGO to $.13 higher in MGEX. Spreads continue to witness a rebound. Inside trade for both July-25 KC and CGO while MGEX surged to a 6-week high closing just above its 100-day MA,” noted Mark Soderberg with ADM Investor Services. “MGEX July-25 premium to CGO jumped out to a 15-month high at $.81 ½ bu. India’s Ag. Ministry raised their 2025 wheat production forecast 2.1 mmt to a record 117.5 mmt, now just above the USDA forecast of 117 mmt.”
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