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The wheat complex closed on September 25, 2023, with mixed results across exchanges. Chicago Board of Trade (CBOT) soft red wheat futures saw a slight increase, with September contracts at $5.03, up 8 cents. Kansas City Hard Red Winter (KCBT) wheat futures decreased, with September contracts at $4.87, up 1.25 cents, while Minneapolis Grain Exchange (MGEX) wheat slightly rose to $5.50. December KCBT wheat contracts were down 2 cents at $5.08.
The USDA’s monthly World Agricultural Supply and Demand Estimates (WASDE) report indicated no changes to the demand side, but exports were raised by 25 million bushels to 900 million bushels, with stocks dropping to 844 million bushels. The U.S. cash average price also decreased by 20 cents to $5.10.
Globally, the wheat stocks increased by 3.98 million metric tons (MMT) to a total of 264.06 MMT, attributed to higher production in Russia (up 1.5 MMT), the EU (up 1.85 MMT), Canada, and Ukraine (up 1 MMT each), with Australia experiencing the largest increase of 3.5 MMT.
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