Wheat Market Update

July wheat futures prices have shown good season strength during February and March moving from a low of $2.57 to recent highs of $3.07. The rally should continue higher over the near term bolstered by USDA confirming trader's expectations of plantings for 1999 harvest of 63.1 million acres, the lowest acreage since 1973 and down from 65.9 million acres last year and 70.4 million in 1997. Traders have an upside target at the gap near $3.20 to shoot for. Prices at that level are excellent opportunities for Georgia farmers to use for forward pricing.

Georgia winter wheat acreage was pegged at 300,000 acres compared to 290,000 last year and 400,000 in 1997. (George Shumaker)

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