Midday wheat futures are down by over 2% as the grains dropped dramatically on report day. CBT SRW is trading 13 ½ to 15 ¾ cents lower so far for midday. KC wheat is down by as much as 9 ¼ cents. Spring wheat futures are 5 ¾ to 6 cents weaker at midday. USDA reduced the cash average price by 10 cents to $7.20.
NASS’s winter wheat acreage was reported at 34.425 million acres. That was down from 36.699m last year and compares to the 35.7m expected on average. HRW was reported at 24m acres, with 25.2m expected and 25.7m last season. SRW acreage was reported at 6.86 million, compared to 7 expected on average and 7.4m last year.
NASS updated last year’s June wheat stocks, which tightened the 23/24 carryin by 12 mbu. With only 1 mbu shifting through the rest of the S&D table, carryout was on net 648 mbu – compared to the 658.7 mbu expected. NASS Grain Stocks Data showed 1.410 bbu of wheat was counted on 12/1. That was 98.424 mbu looser than last year. Analysts are expecting NASS to report 1.391 bbu December 1 wheat stocks.
Global WAOB adjustments included a 1.71 MMT increase to carry-in and a 1.9 MMT increase for production from the Dec report. Global trade was also upped by 2.35 MMT. On net the wheat carryout for 23/24 was reported at 260 MMT – up by 1.83 MMT compared to no change expected going in.
Mar 24 CBOT Wheat is at $5.89 1/4, down 14 1/2 cents,
May 24 CBOT Wheat is at $6.03 1/4, down 13 1/2 cents,
Mar 24 KCBT Wheat is at $6.11 1/2, down 4 1/2 cents,
Mar 24 MGEX Wheat is at $6.96 3/4, down 3 1/4 cents,
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