Wheat futures posted steep losses on Friday, pressured by larger than expected winter theat acreage and larger 17/18 carryout. This morning’s Winter Wheat Seedings report showed 32.6108 million acres of winter wheat was planted last fall. That was down 88,000 acres from last year and is the lowest since 1909. It was much larger than expected, however. It included a reduction of HRW at 23.1 million acres, as both SRW and White was increased slightly to 5.98 million and 3.56 million acres respectively. 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 and feed usage was trimmed. World ending stock tallied 268.02 MMT, down 0.4 from December. A reduction in Australia’s carryover by almost 3 MMT offset a 2 MMT increase in Russian production (now 85 MMT).
Mar 18 CBOT Wheat closed at $4.20 1/2, down 12 3/4 cents,
Mar 18 KCBT Wheat closed at $4.26 1/4, down 14 cents,
Mar 18 MGEX Wheat closed at $6.12 3/4, down 16 1/4 cents