Wheat Market Outlook - July 31, 2023

Aug 01, 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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Video: The Crop Planning Tool That Could Change Your Bottom Line!

Every growing season begins with hundreds of high-stakes decisions. But what if you could test those decisions before they cost you real money?
In this episode of Ag Tech with Andrew, I sit down with Landon Fahlman from AgExpert to discuss the launch of CropPlan+—an innovative crop planning tool designed to help farmers turn their own farm data into smarter, more profitable decisions.

We explore how growers can:
Test unlimited crop planning scenarios before the season begins.
Track costs, profitability, and breakeven prices in real time.
Compare projected versus actual performance throughout the season.
Use historical farm data—not generic averages—to make more confident decisions.
Leverage the AgExpert Assistant for personalized insights from anywhere, even from the cab.
Whether you're growing corn, soybeans, wheat, canola, or other crops, this conversation is packed with practical insights on reducing risk, improving profitability, and making every acre count.
If you're looking for ways to farm smarter—not just harder—this is an interview you won't want to miss.