Wheat futures saw significant gains following the USDA acreage report, with Chicago SRW futures rising 11 to 12.5 cents, KC HRW futures up 16 to 17 cents, and MPLS spring wheat increasing 10 to 11 cents as of midday Tuesday. The report indicated total wheat acres at 43.775 million, 905,000 acres below trade estimates and down 1.553 million from last year.
The Kansas Crop Progress report showed a 6% decline in winter wheat conditions, with only 40% rated as good/excellent. The Brugler500 index also decreased by 12 points to 316. National Crop Progress data will be released next Monday.
Grain stocks for wheat as of March 1 totaled 1.3 billion bushels, a 63 million bushel increase year-over-year but 10 million bushels below average trade estimates. As of the latest figures, May CBOT Wheat is priced at $6.19 1/2, while July CBOT Wheat stands at $6.30 1/4.
