THE US Department of Agriculture put winter wheat seedings down 5% (0.8m hectares) on last season in its seedings report last Thursday. This makes it the lowest area since 1971.
Both hard and soft red wheat areas are down. A combination of dry weather followed by heavy rain in some areas compromised plantings. See www.usda.gov/nass
- Chicago wheat price up
WHEAT futures at the Chicago Board of Trade closed around $2 higher last week, despite maize finishing down $2 and soyabeans down nearly $6/t.
Independent support came from the planting data and the USDA Supply and Demand report, which revised US wheat stocks down 1.3m tonnes.
In contrast, US maize stocks were revised up 1.3m tonnes.
At $106, CBOT March wheat is around $11 higher than in January 2000.
Taken from HGCA weekly MI Bulletin|
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