Despite neutral to bear-friendly NASS data, wheat futures rallied into the 3-day Holiday weekend. The spring wheat futures faded on the higher acreage to close 3 ½ to 6 cents in the red. Chicago prices were 8 cents off their highs for the close, but still 8 ¾ to 12 ¾ cents higher for the day. July SRW ended the week with a net 6 ¼ cent gain, but was still at a 3 ½ cent loss through the month of March. HRW futures were also ~9 cents off their highs for the close, but the 5 ½ to 7 cent front month gains helped July HRW to limit the week’s loss to 5 cents and flipped the board a net 5 ½ cents higher for the month. 

The annual Prospective plantings data showed winter wheat area totaled 34.135 million acres, compared to the 34.7 million assumed going in. Total wheat area was 47.498 million acres vs 49.575 million planted last year and 47.3 million expected. Other spring area was surveyed at 11.335 million acres, which was up 135,000 yr/yr. Texas winter wheat was down 500k acres vs last year and Kansas dropped 400k. 

The quarterly wheat supply count came in at 1.087 bbu as of March 1st, which included 272 mbu on farm and 816 mbu off farm. The trade was looking for the wheat count to come in near 1.05 bbu vs 941 million last year. Q3 use was down 38 mbu from last year with 333 million used. 

Weekly wheat bookings were shown at 340k MT for the week ending 3/21. That was above the 4-wk average but substantially below the prior week. 

May 24 CBOT Wheat  closed at $5.60 1/4, up 12 3/4 cents,

Jul 24 CBOT Wheat  closed at $5.75 3/4, up 13 cents,

May 24 KCBT Wheat  closed at $5.85 1/4, up 7 cents,

Jul 24 KCBT Wheat  closed at $5.79 3/4, up 5 3/4 cents,

May 24 MGEX Wheat  closed at $6.45, down 6 cents,