USDA reports weigh on wheat futures Tuesday

USDA reports pushed Kansas City wheat futures lower this morning, with wheat acreage numbers posing bearish for the market, according to traders.

Wheat stocks numbers were a tiny bit below the average trading guess, traders said.

All wheat acres planted are estimated at 59.775 million acres for the month of June, compared to 58.638 million acres in March.  Spring wheat acres planted was estimated at 13.772 million acres, above the average guess of 13.097 million acres.

Corn acres planted were well above the previous range of 83 to 86 million acres, estimated at 87 million acres, traders said.

Corn fell sharply, weighing on other grain markets, traders said. Harvest continues to roll through Kansas, with large truck receipts reported in Hutchinson over the weekend.

KC July wheat was 14 cents lower at $5.67 ½ at midday.

CASH GRAIN: A lot of new crop wheat continues to come into the marketplace, traders said, with 12.0 and higher proteins feeling steady, and lower protein levels feeling some pressure.