After two loss-making sessions, the wheat futures in Chicago are barely changing this morning. Rainfall in some regions of the US Plains has improved the conditions for winter wheat stocks. "Stock conditions were very difficult in February, but the spring weather is favorable," said Phin Ziebell, economist at National Australia Bank. Rainfall that hit parts of the US Plains yesterday helps increase soil moisture. The US Department of Agriculture released Monday's ratings of winter wheat stocks in each state. In Kansas, the most important growing region, 13% of the stocks received the top rating "good to excellent". In the previous week, it was 11%. One year ago, however, the share of stocks in top condition was 38%. Tomorrow, the USDA will publish the estimates of quarterly holdings and acreage. Analysts expect wheat stocks averaging 1.498 billion bushels (March 17: 1.659) and winter wheat acreage averaging 46.297 million acres (March 17: 46.059 million acres). Institutional investors yesterday sold 3,000 lots of CBoTSRW wheat.
/ Graphic (2 hour chart): Saxo Trader
