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.