The wheat market is experiencing significant gains as of September 1, 2023, with Chicago SRW contracts rising 9 to 10 cents. Kansas City HRW futures are up between 7 to 16.5 cents, while MPLS spring wheat has increased by 13 to 16 cents. The weekly NASS Crop Progress report indicates that 77% of the U.S. spring wheat crop has been harvested, which is 9% ahead of the typical pace.
Despite positive market movements, the prospects for grain transport remain uncertain. Turkey is advocating for a Black Sea shipping corridor to enhance grain flow, but this has been met with a rejection from the Russian foreign ministry. As for delivery notices, there were 9 for September CBT wheat and 60 for September KC wheat overnight.
Current wheat prices include September CBOT at $7.65 ¾ (up 9 ¼ cents), December CBOT at $7.84 (up 10 cents), September KCBT at $8.36 ¾ (up 16 ½ cents), and September MIAX at $7.55 (up 15 ¾ cents).
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