The wheat complex saw a decline on September 26, 2023, with Chicago SRW contracts dropping by 17 to 19 cents, closing at $7.11 1/4, while KC HRW futures fell 12 to 15 ½ cents, and MPLS spring wheat decreased by 2 to 6 cents. Agricultural reports indicated that 86% of the U.S. spring wheat crop was harvested by Sunday, exceeding the usual pace by 3%.
South Korean importers purchased a total of 100,000 metric tons (MT) of wheat from both the U.S. and Canada, while Sovecon projected Russian wheat exports for 2026/27 at 41.4 million metric tons (MMT), marking a 3.2 MMT decrease compared to the previous month. Canadian wheat stocks as of July 31 reached 6.649 MMT, a significant 56.8% increase from last year.
In the upcoming WASDE report, the USDA is expected to maintain current U.S. production estimates and release updated figures in late September, with traders anticipating only minor changes to the balance sheet.
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