Wheat Market Outlook and Prices

Sep 26, 2023

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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Video: Residue Management

Residue Management conservation practice manages the amount, orientation, and distribution of crop and other plant residue on the soil surface year-round while limiting soil-disturbing activities used to grow and harvest crops in systems where the field surface is tilled prior to planting. This video explores how Ryan McKenzie implemented this conservation practice on his farm in Samson, Alabama.

Practice benefits:

• Increases organic matter

• Improves air quality

• Decreases energy costs

• Reduces erosion

• Improves soil health

The Conservation at Work video series was created to increase producer awareness of common conservation practices and was filmed at various locations throughout the country. Because conservation plans are specific to the unique resource needs on each farm and also soil type, weather conditions, etc., these videos were designed to serve as a general guide to the benefits of soil and water conservation and landowners should contact their local USDA office for individual consultation.