Wheat futures are trading higher across all three exchanges on Tuesday following a USDA acreage report that showed total wheat plantings well below trade expectations. Chicago SRW contracts are up 10 to 11 cents at midday, KC HRW futures are 14 to 15 cents higher, and MPLS spring wheat is 8 to 9 cents higher. The USDA's NASS Acreage report pegged all wheat acres at 42.74 million, significantly below the average trade estimate of 43.8 million and down 1.035 million from March intentions, driven mainly by an 890,000-acre drop in winter wheat to 31.52 million acres. Quarterly Grain Stocks data showed June 1 wheat stocks at 920 million bushels, below the 931 million bushel estimate but still 65 million bushels above last year. Additional support came from a private export sale of 100,000 metric tons of HRS wheat to Nigeria for 2026/27 and a South Korean mill purchase of 100,000 metric tons of US wheat in a tender.