As of midday September 25, 2023, the wheat market exhibits mixed trends: Kansas City hard red winter (HRW) futures are down 2 to 3 ¼ cents, while the Minneapolis (MPLS) spring wheat has posted gains of 4 to 5 cents. Chicago Board of Trade (CBOT) futures are also down by 1 to 2 cents. The current price for September 25 CBOT Wheat is $5.16 3/4.
The USDA reports that U.S. wheat export sales for the 2025/26 season are at 10.309 million metric tons (MMT), marking a 20% increase from last year and the highest level for this week since 2017/18. Additionally, analysts predict U.S. wheat production will decrease to 1.922 billion bushels in the upcoming Crop Production report, down 7 million bushels from last month.
Internationally, the French Farm Ministry estimates the country’s wheat crop at 33.1 MMT, a rise of 0.5 MMT from the previous month, while IKAR has revised Russia’s wheat output to 84.5 MMT, also up 0.5 MMT from earlier estimates.
