Wheat prices saw gains on Wednesday, with Chicago SRW contracts rising between 1.75 and 11.25 cents. Open interest increased by 7,296 contracts, indicating new buying interest, while KC HRW futures rose by 10 to 11.25 cents. The July 26 CBOT Wheat closed at $5.80 3/4, up 11.25 cents, with continued gains observed in morning trading.
The USDA reported that all wheat acres totaled 42.74 million acres, falling short of the 43.8 million acre average trade estimate. Winter wheat acres decreased by 890,000 to 31.52 million, with harvested acres down 805,000 to 21.12 million. Quarterly Grain Stocks data indicated 920 million bushels of wheat stocks as of June 1, lower than the 931 million bushel estimate but up 65 million from last year.
Canadian wheat acreage dropped to 25.33 million acres, a 5.9% decrease from the previous year, with spring wheat acreage down 3.9% and durum wheat down 10.3%. Additionally, EU soft wheat exports from July 1 to June 28 totaled 23.17 million metric tons, an increase of 1.7 million metric tons from the previous year.
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