Wheat Closes with Report Day Gains as Acres Seen Lower than Expected

Wheat is reverting back lower on Wednesday morning, down double digits across all three exchanges. The wheat complex got a positive reaction to the USDA report on Tuesday, rallying across the three markets. Chicago SRW futures were 4 to 9 1/4 cents higher. Open interest showed shorts covering, down 5,988 contracts. KC HRW futures saw 3 to 9 1/4 cent gains though contracts were well off the middy highs. OI was down just 1,102 contracts. MPLS spring wheat was 6 ¼ to 8 cents in the green on the Tuesday session.

March Intentions from this morning showed all wheat acres at 43.775 million acres, 0.905 million acres below trade estimates and 1.553 million below last year. Winter wheat acres were 32.41 million acres, 580,000 below the Winter Wheat Seedings report and down 743,000 from last year. Spring wheat was 428,000 acres shy of estimates and down 485,000 from a year ago at 9.415 million acres. Durum was at 1.95 million acres.  

Grain Stocks data was tallied at 1.3 bbu for wheat as of March 1. That was a 63 mbu increase from a year ago but 10 mbu shy of the average trade estimate from Reuters. which would be 73 mbu above a year ago.

May 26 CBOT Wheat  closed at $6.16 1/4, up 9 1/4 cents, currently down 12 1/4 cents

Jul 26 CBOT Wheat  closed at $6.26 1/2, up 7 3/4 cents, currently down 11 3/4 cents

May 26 KCBT Wheat  closed at $6.35 1/2, up 9 1/4 cents, currently down 14 1/4 cents

Jul 26 KCBT Wheat  closed at $6.48 3/4, up 8 cents, currently down 13 1/2 cents

May 26 MIAX Wheat  closed at $6.59 1/2, up 6 1/2 cents, currently down 9 cents

Jul 26 MIAX Wheat  closed at $6.73 3/4, up 7 1/4 cents, currently down 11 1/4 cents