The wheat complex is getting a double digit positive reaction to the USDA acreage report this morning. Chicago SRW futures are 11 to 12 1/2 cents higher. KC HRW futures are up 16 to 17 cents at midday. MPLS spring wheat is rallying 10 to 11 cents on the Tuesday session.
The Kansas Crop Progress report showed winter wheat conditions down 6% to 40% good/excellent, with the Brugler500 index down 12 points to 316. The national level Crop Progress report will be out nest Monday.
March Intentions from this morning showed all wheat acres at 43.775 million acres, 0.905 million acres below trade estimates and 1.553 million below last year. Winter wheat acres were 32.41 million acres, 580,000 below the Winter Wheat Seedings report and down 743,000 from last year. Spring wheat was 428,000 acres shy of estimates and down 485,000 from a year ago at 9.415 million acres. Durum was at 1.95 million acres.
Grain Stocks data was tallied at 1.3 bbu for wheat as of March 1. That was a 63 mbu increase from a year ago but 10 mbu shy of the average trade estimate from Reuters. which would be 73 mbu above a year ago.
May 26 CBOT Wheat is at $6.19 1/2, up 12 1/2 cents,
Jul 26 CBOT Wheat is at $6.30 1/4, up 11 1/2 cents,
May 26 KCBT Wheat is at $6.43 1/4, up 17 cents,
Jul 26 KCBT Wheat is at $6.56 3/4, up 16 cents,
May 26 MIAX Wheat is at $6.63, up 11 cents,
Jul 26 MIAX Wheat is at $6.75 3/4, up 10 1/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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