Argentina's Bioceres Crop Solutions Corporation announced that the National Biosafety Commission of the Brazilian Ministry of Science, Technology and Innovation has completed a safety assessment of the company's genetically modified, drought-tolerant, HB4 wheat variety, granting full approval for its commercialization and cultivation in Brazil.

US wheat production is projected to increase 14% for 2023-24 to 1.887 billion bushels on both higher acreage and yield. Total wheat planted acre is projected at 49.5 million acres, up nearly 3.8 million acres from the 2022-23 crop, and the highest since 2016-17. The average farmgate price for wheat is forecast at $8.50 a bushel, down 50 cents a bushel from the 2022-23 crop.

A group of European Union countries urged the bloc to act to help alleviate the oversupply of grain as cheap imports from Ukraine flood markets in neighboring countries, cutting demand for local produce and triggering protests from farmers. Six east European nations led by Poland called for measures including compensation for farmers at a meeting of the bloc’s agriculture ministers on Monday.

World wheat prices fell in January for the third consecutive month as global supply levels continued to improve. Recent harvests in Australia, where latest estimates are now higher than initially expected, and in Argentina along with a weaker national currency, were behind a decline in the Australia (eastern states) and Argentina quotations, which fell by 3 percent and 5 percent, respectively, month‐on‐month.

Egypt has set its wheat procurement price at 1,250 Egyptian pounds ($42.23) per ardeb (150 kilograms) for the 2023 local procurement season, Prime Minister Mostafa Madbouly said.

The new price is more than 40% higher than last season's procurement price of 865-885 Egyptian pounds, depending on purity levels, which drew complaints from some farmers, and 25% above the initial price it set in August.