Wheat Markets Pressured by Increase in Canadian Acreage

Wheat futures ended the Wednesday session with most contracts 6 to 10 cents lower, following confirmation of higher Canadian acres. Canadian wheat acres are seen at 25.674 million acres for 2019, up 3.8% from last year and above most estimates according to this morning’s Stats Canada report. That jump in acreage is due to a 12% yr/yr increase in spring wheat acres, at 19.387 million. That is also a 22.69% jump in spring wheat acres since 2017. Durum acres are down 18.8% at 5.021 million acres. Thursday morning’s Export Sales report is expected to show 200,000-450,000 MT in old crop wheat sales for the week of April 18, with 100,000-300,000 MT for new crop.

May 19 CBOT Wheat closed at $4.32 1/4, down 6 1/2 cents,

May 19 KCBT Wheat closed at $4.04 1/2, down 10 cents,

May 19 MGEX Wheat closed at $5.03 1/4, down 8 cents

--provided by Brugler Marketing & Management

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