On Wednesday, July 26, the wheat complex experienced gains across three exchanges, with Chicago SRW contracts rising 4 to 11 ¼ cents. KC HRW futures gained between 4 ¾ to 12 ¼ cents, while MPLS spring wheat rose 9 ¾ to 13 ½ cents at closing.
In the USDA’s NASS Acreage report released on July 25, total wheat acreage was reported at 42.74 million acres, lower than the average trade estimate of 43.8 million acres. This included a decline in winter wheat acres to 31.52 million, down 890,000 acres from March. Harvested acres for winter wheat were reported at 21.12 million as well.
Additionally, quarterly grain stocks data indicated 920 million bushels of wheat were held as of June 1, which fell short of the 931 million bushel estimate but remained 65 million bushels higher than the previous year.
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