US wheat crops forecast at 47.9 million acres

The new inventory estimate by NASS will be released next week. Traders expect the NASS to report wheat inventory at 1.039 billion bushels. This falls between analysts' estimates, which range from 998 to 1,302 billion bushels. The total wheat acreage is expected to be 47.9 million acres, of which 34.4 million will be for winter wheat and 11.8 million for spring wheat.