Wheat Prices Rally Toward a More Than 1-year High

Wheat futures prices were poised Friday for their highest finish in more than a year after the U.S. Department of Agriculture lowered its acreage estimate for U.S. wheat plantings. "Total U.S. wheat planted acres were estimated slightly lower than the March 31 planting intentions and pre-report trade estimates," Steve Kahler, chief operating officer at Teucrium Trading LLC, told MarketWatch. "More importantly, the current 45.7 million acre estimate for U.S. wheat plantings is the lowest area on record since 1919," he said. The drought conditions in the Northern tier states will remain the focus for the market, with "moisture making or breaking this year's spring wheat crop," he said. September wheat was up 21 cents, or 4.2%, at $5.17 a bushel. A settlement around this level would be the highest for most-active contract since June 2016.