As of September 25, 2023, the wheat complex is experiencing losses, with Chicago SRW wheat down 4 to 5 cents at $5.36 3/4, KC HRW futures fractionally down, and MPLS spring wheat declining by 2 to 3 cents across most contracts. The Crop Progress report revealed the U.S. winter wheat crop is 63% harvested, 1% below the five-year average, while 78% of the spring wheat crop is headed, 3% ahead of the norm, with good/excellent conditions rising to 54%.
Additionally, Russian wheat production is estimated by IKAR at 84 million metric tons (MMT), a reduction of 0.5 MMT from previous predictions, with 2025/26 exports expected at 42 MMT. Algeria has reportedly purchased approximately 1 MMT of wheat recently.
