The U.S. wheat complex reacted positively to the USDA report released on Tuesday, with Chicago SRW futures rising by 4 to 9 1/4 cents. Kansas City HRW futures saw gains between 3 to 9 1/4 cents, while MPLS spring wheat increased by 6 ¼ to 8 cents during the session. The report indicated all wheat acres at 43.775 million, falling 0.905 million acres short of trade estimates and down 1.553 million from last year.
As of March 1, wheat grain stocks were recorded at 1.3 billion bushels, a 63 million bushel increase from the previous year but 10 million bushels below the average trade estimate. The closing prices for various wheat futures included May 26 CBOT Wheat at $6.16 1/4, up 9 1/4 cents, and July 26 KCBT Wheat closing at $6.48 3/4, up 8 cents.
