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.

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.

Australia wheat production is expected to rise to a record 42 million tonnes as results from the final phase of harvest show higher yields in the world’s second-largest exporter of the grain, traders and an analyst said.

Kazakhstan’s wheat and barley production is expected to rebound significantly in 2022-23 and regain its market share lost due to lower production last season, according to a report from the Foreign Agricultural Service of the US Department of Agriculture (USDA). Exports of barley, wheat and wheat flour are expected to reach multiyear highs on strong production and steady demand from importing countries, the USDA said.

World wheat prices continued to decline for the third consecutive month in August. The European Union (France, grade 1) export prices fell by 4 percent month on month, reflecting greater seasonal availability from the ongoing harvest and increased availability from Ukraine with the re-opening of three Black Sea ports. Argentina’s (Up River, f.o.b.) and Australia’s (Eastern States, ASW) quotations also declined by 4 and 7 percent, respectively, in August.