Friendly USDA Numbers for Wheat
Jan 12, 2011
Kansas City wheat futures traded higher today, supported by friendly numbers released in today's USDA report, according to traders.
Wheat seedings were estimated at 4 million acres for 2011, slightly lower than previous guesses, traders said.
Grain stocks estimates for the U.S. were also a little below previous guesses, estimated at 1.928 billion bushels.
U.S. wheat carryout is now estimated at 818 million bushels, below previous estimates of 842 million bushels. The December estimate was reported at 858 million bushels.
KC March wheat was 11 1/2 cents higher at $8.49 1/2 at midday.
The cash market is quiet today, according to traders.
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