Wheat

Wheat futures are mostly 2 to 3 cents lower in the Chicago SRW contract this morning, with KC HRW 4 cents lower. MPLS spring wheat is fractionally higher. All three posted steep losses on Friday, pressured by larger than expected US winter wheat acreage and larger 17/18 carryout. The Winter Wheat Seedings report showed 32.6108 million acres of winter wheat was planted last fall, a much smaller decline than traders had anticipated. Stocks of wheat on December 1 totaled 1.874 bbu, down 203 mbu from last year and in line with expectations. US old crop ending stocks were shown at 989 mbu, as imports were raised 5 million bushels and feed usage was trimmed. Carryout from HRS and HRW took most of the hit. World ending stocks totaled 268.02 MMT, down 0.4 MMT from December. A reduction in Australia’s carryover by almost 3 MMT offset a 2 MMT increase in Russian production (now 85 MMT).




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