The United States Department of Agriculture (USDA) National Agricultural Statistics Service (NASS) released the Winter Wheat and Canola Seedings and Crop Production reports, on Friday, January 12. According to the reports, national wheat seedings are down less than one percent from 2017 at 32.6 million acres, with Hard Red Winter seedings at 23.1 million acres and Soft Red Winter seedings at 5.98 million acres. This number is the second-lowest planted acreage in U.S. history; however, it was still a surprise to many who estimated the number would be significantly smaller.
Texas wheat seedings are at 5 million acres, a 6 percent increase from 2017 and unchanged from 2016.
The USDA Grain Stocks report increased U.S. ending wheat stocks, but a 10 percent decrease in all wheat stocks. The futures market reacted to the reports by closing sharply lower at $4.26, down over 3 percent from $4.40 in the previous session.