On September 27, 2023, the wheat complex experienced significant losses across all exchanges despite the USDA’s Grain Stocks report, with Chicago SRW dropping between 5½ to 17 cents. Kansas City HRW futures also fell by 4 to 10 cents, while MPLS spring wheat saw declines of 6 to 7 cents at the close.
The USDA’s NASS Small Grains Summary indicated all wheat production at 1.534 billion bushels, a slight increase from August’s report. Specifically, HRW production was recorded at 466 million bushels, SRW at 294 million, white winter wheat at 259 million, and spring wheat at 449.5 million bushels. Additionally, the quarterly Grain Stocks data showed September 1 stocks at 1.846 billion bushels, down 288 million from the previous year.
In related trading data, the Dec 26 CBOT Wheat closed at $6.75¾ (down 17 cents), while KCBT Wheat reached $7.33 (down 10 cents), and MIAX Wheat settled at $6.93¼ (down 6 cents). Traders are anticipating USDA’s Export Sales report on September 28, looking for wheat bookings between 250,000 MT and 450,000 MT for the week ending September 24.
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