Wheat futures experienced gains across major exchanges on July 26, 2023, with Chicago SRW contracts rising by 1.75 to 11.25 cents, while KC HRW futures increased by 10 to 11.25 cents. The USDA reported a private export sale of 100,000 metric tons (MT) of Hard Red Spring (HRS) wheat to Nigeria for the 2026/27 season.
The USDA’s National Agricultural Statistics Service (NASS) reported a total of 42.74 million acres planted with wheat, down from the 43.8 million-acre trade estimate. Winter wheat acreage decreased by 890,000 acres, with harvested acres reported at 21.12 million. The quarterly grain stocks data indicated 920 million bushels of wheat stocks as of June 1, 2023, which is below the 931 million bushel estimate but still 65 million bushels higher than last year.
Currently, 48% of the U.S. winter wheat crop has been harvested, ahead of the average, with conditions steady at 26% rated good/excellent. Canadian wheat acreage saw a 5.9% drop year-over-year, totaling 25.33 million acres, as indicated by Statistics Canada.
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