Wheat futures on the Chicago Board of Trade closed higher on Thursday after the US Department of Agriculture said US farmers planted the fewest acres to winter wheat since 1909. CBOT March wheat settled up 7-1/2 cents at $4.26-1/4 per bushel after reaching a two-month high at $4.30.
K.C. March hard red winter wheat ended up 13 cents at $4.44-3/4 a bushel after reaching $4.46, its highest since August. MGEX March spring wheat rose 12-1/2 cents to $5.74 after matching its mid-June high of $5.75-3/4. The USDA said US farmers planted 32.4 million acres to winter wheat for harvest in 2017, down from 36.1 million acres a year ago and below an average of trade expectations for 34.1 million.
However, underscoring ample old-crop supplies, the USDA also reported US Dec. 1 wheat stocks at 2.073 billion bushels, up from 1.75 billion a year earlier and above the average analyst estimate of 2.056 billion. The USDA also raised its forecasts of 2016/17 US and global wheat ending stocks.