Wheat futures climbed Monday, getting a boost from a lower-than-expected 2025 US acreage estimate. Soybeans were weaker while corn ended mixed.
Today’s USDA prospective plantings report was considered bullish for wheat, with American all wheat area for this year estimated at 45.35 million acres, below the average trade guess of 46.53 million. Winter wheat acres were down 800,000 acres from the January Winter Wheat Seedings report at 33.31 million acres, while spring wheat was tallied at intentions of 10.02 million acres, versus trade ideas of 10.53 million. The quarterly grain stocks report showed US all wheat stockpiles as of March 1 at 1.236 billion bu, just slightly above trade ideas. May Chicago wheat gained 8 ¾ cents to $5.37, May Kansas City added 5 ¼ cents to $5.57, and May Minneapolis climbed 11 cents to $5.92.
Soybeans declined on buy the rumour sell the fact action as the USDA confirmed American producers intend to plant fewer soybeans this year, down 4% at 83.5 million acres. That was a bit lower than the average trade guess, but comfortably within the range. The quarterly stocks number for soybeans was near the average trade guess at 1.91 billion bu. May beans fell 8 ¼ cents to $10.14 ¾, and November lost 9 ¾ cents to $10.19 ¼.
The acreage number for corn, at 95.3 million acres, was about 900,000 acres above the average trade guess, which weighed on new-crop December. However, the nearby May contract managed to move higher as much of the larger corn planted area was already in the market. March 1 corn stocks of 8.15 billion bu were in line with trade ideas. May corn was up 4 cents to $4.57 ¼, and December slipped a ½ cent to $4.42.
