The wheat complex experienced significant midday gains on September 26, 2023, across three exchanges, with Chicago SRW contracts increasing by 13.75 to 22.5 cents. KC HRW futures rose by 14.5 to 21.75 cents, while MPLS spring wheat saw an uptick of 13 to 15.25 cents. Closing prices included CBOT Wheat at $6.52 3/4, up 22.5 cents, and KCBT Wheat at $7.20 3/4, up 21.5 cents.
NASS Crop Production data reported a total U.S. wheat output for 2026 of 1.531 billion bushels, a decrease of 5 million bushels from July, while the 2026/27 ending stocks were adjusted to 717 million bushels. Global ending stocks were elevated to 273.25 million metric tons, influenced by increases in Canada and Ukraine.
Furthermore, overnight drone strikes on Russia’s Novorossiysk port halted operations, leading to retaliatory strikes on Odesa. Weekly Export Sales data is set for release on Thursday, with expected sales ranging from 200,000 to 500,000 metric tons for the 2026/27 period.
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