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McKeany-Flavell's review of the September WASDE found limited domestic wheat changes, with 2025/26 exports raised 25 million bushels to 900 million and U.S. carryout falling to 844 million bushels. World 2025/26 wheat ending stocks were raised 4.0 MMT on higher production from several origins.
Higher world wheat carryout is bearish for global wheat prices, which lowers the cost of wheat used in feed rations.
mckeany-flavell.comInfo Department2025年9月12日在过去 1,006 次看跌的报告事件之后，小麦(SRW) 在 5 个交易日内中位数变动 +0.0%（50% 上涨；中间一半区间为 -1.6% 至 +1.8%），20 个交易日内为 +0.3%。
在过去 138 次看跌的报告事件之后，小麦(HRW) 在 5 个交易日内中位数变动 +0.0%（50% 上涨；中间一半区间为 -2.9% 至 +2.4%），20 个交易日内为 +0.5%。
各商品基准价相对事件前最后收盘价的变动。历史数据汇总同类过往事件；仅描述已发生的情况，不代表未来走势。不构成投资建议。
This review confirms the export increase and lower US carryout from the WASDE, though it also notes higher world stocks, which partly offset the bullish read.
