The wheat market experienced notable fluctuations on September 26, 2023, with Chicago Board of Trade (CBOT) wheat closing at $6.62 1/2, up 2 1/2 cents, while Kansas City Board of Trade (KCBT) and Minneapolis Grain Exchange (MIAX) wheat futures fell. Specifically, KCBT wheat was down 2 3/4 cents at $7.26 1/4, and MIAX wheat decreased by 3 3/4 cents to $7.03 1/2.
As of September 24, the U.S. harvested 81% of its winter wheat crop, 2% ahead of the five-year average. The spring wheat crop was 92% headed and only 2% harvested. Condition ratings for spring wheat remained steady at 53% good/excellent, although locations such as Minnesota and South Dakota experienced declines in crop conditions.
Internationally, Russian wheat export estimates were lowered to 44.6 million metric tons (MMT), a drop of 1.9 MMT from earlier projections, while EU soft wheat exports for July 1-26 totaled 0.57 MMT, down 0.89 MMT compared to the previous year.
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