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EU cuts 2024/25 wheat output forecast to 124.4 MMT as U.S. export sales reach 285,000 MT

AI Market Summary
Wheat futures rose across CBOT, KCBT and MPLS as Black Sea escalation (a Ukrainian drone strike damaging a Russian grain export terminal) heightened supply-risk premiums. Separately, the EU Commission cut 2024/25 EU wheat production and ending stocks estimates, reinforcing a tighter balance sheet. US weekly export sales were modest but showed notable demand from Indonesia and the Philippines, supporting near-term sentiment.
Impact level
● Medium
Affected assets
NCCOWHEAT2USD/USDT-3.74%
AI Insight · NCCOWHEAT2USD/USDTAI Insight
▲ Bullish
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The European Commission lowered its 2024/25 EU wheat production forecast to 124.4 million metric tons, down 1.9 million from its prior estimate. In the U.S., weekly wheat export sales totaled 285,000 metric tons, led by Indonesia (70,000) and the Philippines (60,000). With supply tightening and export demand improving, wheat futures in Chicago, Kansas City, and Minneapolis all ended higher, with deferred contracts up 6–10¼ cents.
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