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Wheat Market Outlook and Prices

In the October Market Monitor, the Agricultural Market Information System (AMIS) raised 2023 global wheat production by 3.6 million mt. The increase was because of higher yields in Ukraine and Russia. AMIS is estimating global wheat production in 2023 is 784.7 million mt, 2.3 per cent less than the previous crop year.

Global wheat use was lowered from last month, but at 783.3 million mt, is still expected to be higher than last year as greater food use offsets smaller feed use. 

Higher production and less use caused AMIS to raise global wheat stocks by 4.1 million mt from last month to 319.3 million mt. This reflects a 5.6 million mt (1.7 per cent) increase from last year. 

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Not only is corn getting sweatier, it's getting smarter

Video: Not only is corn getting sweatier, it's getting smarter


Over the past several weeks, much of the U.S. Midwest has experienced prolonged episodes of extreme heat, a trend also observed in other major corn-producing regions of North America such as eastern South Dakota, southern Ontario, and parts of Kansas and Missouri. These high-temperature events can place significant physiological stress on maize (Zea mays L.), which is cultivated on approximately 90 million acres across the United States, with leading production in Iowa, Illinois, Nebraska, and Minnesota. Like all maize, Bayer’s PRECEON™ Smart Corn System is subject to transpiration-driven water loss under high heat. However, this system incorporates agronomic traits designed to improve standability through enhanced stalk strength, thereby reducing lodging risk during stress conditions. Furthermore, the system supports precision agriculture practices by enabling more targeted fertilizer and crop protection applications. This approach not only helps to optimize input efficiency but also contributes to maintaining or increasing yield potential under variable environmental stresses such as heat waves, which are becoming more frequent in corn belt and fringe production regions.