Wheat futures are falling at midday despite a more friendly acreage number, as stocks were burdensome. Chicago contracts are back down 10 to 13 cents so far. Kansas City futures are 10 to 18 cents weaker at midday. MPLS spring wheat is down 8 to 10 cents, with in delivery July thin and up 2 cents. 

All wheat acres across the US were tallied at 47.24 million acres, which is down 258,000 acres from the March report, and 417,000 acres below expectations. Winter wheat is seen at 33.805 million acres, below the 34.135 million via Intentions. Spring wheat was tilled at 11.27 million acres, just below estimates, with durum above expectations at 2.165 million acres. 

June 1 stocks (also 2023/24 ending stocks) of wheat were shown at 702 mbu. That was above the  average trade estimate of 684 and 132 mbu larger vs. last year. It was also a 14 mbu increase from the June WASDE projection for US wheat ending stocks.

SovEcon has trimmed the Russian export projection for the 2024/25 marketing year by 1.7 MMT to 46.1 MMT, based off the smaller crop. No change was made to their crop production, still at 80.7 MMT. FranceAgriMer reduced their condition rating for the French wheat crop by 2% to 60% gd/ex.

Jul 24 CBOT Wheat  is at $5.47, down 12 3/4 cents,

Sep 24 CBOT Wheat  is at $5.66 3/4, down 12 3/4 cents,

Jul 24 KCBT Wheat  is at $5.81 1/2, down 10 1/2 cents,

Sep 24 KCBT Wheat  is at $5.79 1/2, down 17 1/4 cents,

Jul 24 MGEX Wheat  is at $6.13 1/2, up 2 3/4 cents,

Sep 24 MGEX Wheat  is at $6.08 1/4, down 9 3/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.