Wheat prices are experiencing a decline on Wednesday morning, with futures down double digits across all major exchanges. This follows a positive reaction to the USDA report released on Tuesday, where Chicago SRW futures showed an increase of 4 to 9 1/4 cents. Open interest revealed short positions being covered, with a decrease of 5,988 contracts.
The March intentions report indicated that all wheat acres totaled 43.775 million acres, falling 0.905 million below trade estimates and down 1.553 million from the previous year. Winter wheat acres reported were 32.41 million, down 580,000 from earlier reports and down 743,000 year-over-year. Grain stocks as of March 1 stand at 1.3 billion bushels, an increase of 63 million bushels year-on-year but 10 million bushels below the average trade estimate.
As of the last close, May 26 CBOT Wheat was priced at $6.16 1/4, facing a current drop of 12 1/4 cents; KCBT Wheat closed at $6.35 1/2, dropping 14 1/4 cents; and MIAX Wheat was last at $6.59 1/2, currently down 9 cents.
