**Wheat Market Update – September 2023**
As of September 1, 2023, U.S. wheat futures contracts are mixed, with Chicago SRW contracts closing down by 3.75 to 10.25 cents, while KC HRW futures fell by 1.5 to 7.5 cents. The September 26 CBOT Wheat closed at $7.56 1/2, down 10.5 cents. Open interest decreased by 938 contracts, indicating modest profit-taking.
In crop progress, the USDA reported that 77% of the U.S. spring wheat crop had been harvested by August 27, surpassing the normal pace by 9%. Weekly export inspections showed shipments at 430,925 MT, down 46.46% from the same week last year, with the Philippines receiving the largest share at 131,831 MT. Year-to-date shipments total 4.777 MMT, which is 28.4% below the previous year. Additionally, Turkey is advocating for a Black Sea shipping corridor to enhance grain flow amidst current limitations.
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