The wheat complex experienced significant gains on September 26, 2023, across three exchanges. Chicago SRW contracts rose by 5 ¾ to 12 ½ cents, while KC HRW futures increased by 10 ¼ to 12 ¾ cents. MPLS spring wheat saw a boost of 12 ½ to 15 ¾ cents at the close, with Sep 26 CBOT wheat settling at $7.23 ¼, up 12 cents.
The USDA is expected to maintain its U.S. wheat production estimates in the upcoming WASDE report, pending the Small Grains Summary on September 30. A Bloomberg survey indicates an average production estimate of 718 million bushels, only slightly above August’s figures. On the global front, stocks are projected to decrease by 0.3 MMT to 273 MMT.
Export sales data, delayed until September 29 due to the holiday, is anticipated to range between 250,000 and 500,000 MT for the week ending September 3, as reported by Reuters.
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