**Wheat Market Update – September 24, 2023**
The wheat market is experiencing declines across major exchanges heading into the weekend. Chicago SRW futures fell by 10 to 12 cents, while Kansas City HRW contracts decreased by 13 to 15 cents. MPLS spring wheat also saw losses of 10 to 12 cents.
The Wheat Quality Council’s Spring wheat tour reported a record state average yield of 54.5 bushels per acre (bpa), surpassing last year’s average by more than 7 bpa and the five-year average by 12.5 bpa. In terms of export activity, Taiwan mill importers have procured 105,650 metric tons of US wheat. Current export sales data indicates that exporters have sold 36% of the USDA’s export projection for the 2024/25 marketing year, slightly below the typical pace of 37%.
In the global context, France’s wheat harvest is reported to be 41% complete, a 27% increase from the previous week, although still below average. Meanwhile, SovEcon has raised its projection for the Russian wheat crop to 84.7 million metric tons.
