USDA Hikes Global Wheat Carryout, Driving Down Prices

The wheat market is experiencing losses across all three major markets on Friday. Chicago SRW contracts are down 13 to 18 1/4 cents, while KC HRW futures and MPLS spring wheat contracts are also trading with weakness.

The USDA's recent update left the US production estimate unchanged, as they wait for the Small Grains Summary on September 30. However, the global carryout was raised by 3.04 MMT to 276.29 MMT, while Russian and Ukrainian exports were cut by a combined 4 MMT.

The Export Sales data showed sales of just 194,233 MT for the week ending on September 3, down 37.64% from last year and 36.39% below the same week in 2025. This was short of trade estimates of between 250,000 and 500,000 MT.