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Wheat Market Outlook - July 31, 2023

According to the FAO-AMIS database, global 2023/2024 wheat production will come in at 783.3 million mt, 2.3 million mt smaller than last year’s.

Global domestic utilization of wheat will reach 782.7 million mt, just a fraction below total production.

Global ending stocks will increase fractionally by 920k mt to 313.9 million mt (311.1 million mt last crop year).

FOB wheat prices increased by $18-30/mt following the renunciation of the grain corridor in the Black Sea. Prices have eased again since as traders are trying to anticipate the logistic outfall from the latest events.

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Rain Brings Some Relief in the Corn Belt as a Heat Dome Held High Temps in the East

Video: Rain Brings Some Relief in the Corn Belt as a Heat Dome Held High Temps in the East

Several rounds of rain struck parts of the Midwest this week. Iowa fields southwest of Des Moines were under water as isolated rain amounts between 5 and 8 inches fell early in the week.