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Wheat futures took a 15-19 cent hit despite the USDA report numbers being slightly positive vs. expectations. In the trading arena this is called “buy the rumor, sell the fact”. All-wheat acreage was expected to come in above 55.7 million and was put at 55.367 million. Other Spring estimates averaged 13.3ma; USDA found less than 13 million. Durum came in at 1.647ma, also below the trade estimate of 1.7ma but up from 1.398 million last year. Trade estimates for March 1 wheat stocks also were on the high side: At 1.124 billion, the USDA was below the trade average of 1.14 billion bushels.
May 15 CBOT Wheat closed at $5.11 3/4, down 18 1/2 cents,
May 15 KCBT Wheat closed at $5.59 1/4, down 17 cents,
May 15 MGEX Wheat closed at $5.76, down 14 3/4 cents