On Wednesday, May 26, wheat futures experienced a significant rally, with Chicago SRW futures rising by 11 to 14.75 cents, KC HRW futures increasing by 18.25 to 23.25 cents, and MPLS spring wheat up by 11 to 13 cents. Closing prices included $6.04 1/4 for May CBOT Wheat, $6.15 1/2 for July CBOT Wheat, and $6.26 for May KCBT Wheat.
Looking ahead, dry conditions are expected for much of the Plains from Nebraska to Texas, with scattered precipitation in SRW regions and warm temperatures predicted for the week. Export sales data to be released Thursday is projected to show wheat sales between 300,000 MT and 550,000 MT for the week of March 12, with new crop estimates ranging from 0 to 50,000 MT.
An Allendale survey estimates U.S. wheat acreage at 44.88 million acres, down 423,000 acres from last year, with spring wheat acreage at 9.68 million acres and durum at 2.107 million acres.
