Most of the support in CBOT grain futures after the release of the yearly Acreage and quarterly Grain Stocks reports are in wheat, with the most-active contract up 1.4%, after trading 0.4% lower before the reports. "Wheat is where the report bites," says Jake Hanley of Teucrium Trading in a note. He believes the data suggests that supply and demand for U.S. wheat is tighter than soybeans and corn, which seem more relaxed. "Small acres on a struggling crop is the friendliest setup in the report, in our view," says Hanley. Corn is up 1.1%, and soybeans are 0.6% higher. (kirk.maltais@wsj.com)
Dow Jones Newswires
USDA Reports Give Wheat Biggest Share of Support — Market Talk
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Most of the support in CBOT grain futures after the release of the yearly Acreage and quarterly Grain Stocks reports are in wheat, with the most-active contract up 1.4%, after trading 0.4% lower before the reports. "Wheat is where the report bites," says Jake Hanley of Teucrium Trading in a note. H…