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Wheat futures are 5 to 9 1/2 cents lower in CHI, and around 5 cents lower in KC. Futures prices are fractionally mixed in MPLS at midday of midweek. Strong winter wheat yields and solid weekly condition ratings continue to pressure the HRW and SRW contracts, which set new lows once again this morning. Stats Canada this morning pegged its local 2016 all-wheat acreage at 23.18 million acres, down from its March estimate of 23.85 million acres, and 934,000 acres smaller than 2015/16. Trade on average was looking for the figure to be 23.4 million acres. US wheat stocks as of June 1 are estimated to be 0.983 billion bushels on average, per a Bloomberg survey, which if realized would be nearly 31% larger than June 1, 2015.
Jul 16 CBOT Wheat is at $4.34 1/4, down 9 1/2 cents,
Jul 16 KCBT Wheat is at $4.03 1/2, down 5 1/4 cents,