Wheat Market Outlook – September 15, 2025

Western Canadian Markets Highlights / Key Events

See the attached Global Wheat Fundamental page in the report where you can see all the latest fundamental supply and disposition estimates for global wheat key markets.

WHEAT FUTURES

Minneapolis Spring Wheat

• Futures sit at $5.71 per bushel on the U.S. based contract, down $0.05 per bushel for the past week. The contract low was set on Sept. 5, 2025, at $5.65 per bushel and the one month high of $5.98 per bushel was set on Aug. 20, 2025.

Kansas City Wheat

• Is down $0.01 per bushel at the time of writing for the trading session and sits at $5.14 per bushel. KC wheat is still holding onto a $0.02 weekly loss position.

Chicago Wheat

• Chicago wheat sits at $5.25 per bushel, which is up $0.01 for the past five trading days. Its contract low was set on Sept. 11, 2025, at $5.12 per bushel.

European Wheat

• MATIF wheat futures sit at 191 per tonne. This is unchanged week-over-week since last Monday. Contract lows were set on Sept. 4, 2025, at 188 euro per tonne.

Global Wheat Market Notable Items

USDA WASDE REPORT HIGHLIGHTS

• The USDA added tonnage to the global wheat supply and disposition carryout released on Friday. The USDA is now estimating wheat ending stocks globally at 264.1 million tonnes. This is a bump from the estimate in August of 260.1 mmt. 262.4 mmt was the figure released last year.
• The USDA added 9.3 mmt in production to the global wheat balance sheet from the August report and bumped consumption higher as well from 809.5 mmt to 814.6 mmt from the August report.