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Wheat Market Outlook and Prices

The International Grain Council (IGC) increased global wheat supply and decreased use in the September Grain Market Report.

Global wheat production was seen 600k mt lower than last month at 783.5 million mt. This is down three per cent from last year. Decreases were primarily in exporting countries with Australia and Canada seeing the largest decreases from last month, down 2.5 million mt and 1.7 million mt respectively. Larger crops in the Black Sea partially off-set these decreases as production in Russia and Ukraine were raised by 3.0 million mt and 1.3 million mt respectively.

Lower production was entirely off set by 1.0 million mt more beginning stocks.

Global wheat use was revised lower by 1.3 million mt as estimated feed use off-set higher food and industrial use.

Total ending stocks were put 1.7 million mt higher than last month at 262.6 million mt. This reflects a seven per cent decrease in global stocks from last year.

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