September Wheat Production Forecast Unchanged

The USDA’s 2022-2023 September wheat production forecast is unchanged from August at 1.783 billion bushels.  2022-2023 wheat exports are also unchanged from the previous month at 825 million bushels, and there are no by-class changes.  U.S. wheat exports for June and July 2022 reached a total of 117 million bushels, down 23% from the same time last year.  September U.S. wheat imports are unchanged at 110 million bushels, up from 95 million in 2021-2022.  America’s wheat imports for June and July totaled 23 million bushels, up 50% from the same period in 2021. The 2022-2023 season-average farm price is projected at $9 a bushel, down 25 cents from the previous month.  However, it would still be a record.

Wheat futures markets remain volatile on a daily basis, underscored by uncertainty regarding the continuity of shipments from the Black Sea region. Recent data says prices may be lower in the coming months.

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