KANSAS CITY, MISSOURI, US — Wheat futures were mixed March 31 after the US Department of Agriculture in its Prospective Plantings report pegged wheat planted for harvest in 2023 at 49.86 million acres, up 9% from 45.74 million acres in 2022, with winter wheat area up but area for spring wheat other than durum the lowest since 1972. Meanwhile, the USDA in its Grain Stocks report said all wheat stocks on March 1 were at 15-year lows.

Corn futures were mixed Friday after the USDA said US farmers would seed 91.996 million acres to corn in 2023, up 4% from 88.58 million acres last year. Soybean futures were solidly higher after the USDA said soybean acreage would grow only slightly to 87.51 million acres from 87.45 million acres in 2022. May corn jumped 11¢ to close at $6.60½ a bushel, but most later months were narrowly lower.

Chicago May wheat was unchanged at $6.92¼ a bushel; later futures were unchanged or mixed in a narrow range. Kansas City May wheat added 6¼¢, closing at $8.77¾ a bushel; the July 2024 future and beyond were lower. Minneapolis May wheat jumped 16¢ and closed at $8.95¾ a bushel.

May soybean futures sailed 31¢ higher to close at $15.05½ a bushel. May soybean meal added $6.10 to close at $466 per ton. May soybean oil was up 1.12¢ to close at 55.49¢ a pound.

US equity markets drew the week, month and quarter to a close Friday, capping a turbulent three months with an upside push after a Commerce Department report indicated US household spending in February grew by a seasonally adjusted 0.2% from January, with the latter up a revised 2% from December. The two increases together were seen by economists as a solid gain to kick off 2023. The Dow Jones Industrial Average jumped 415.12 points, or 1.3%, to close at 33,274.15. The Standard & Poor’s 500 climbed 58.48 points higher, or 1.4%, closing at 4,109.31. The tech-heavy Nasdaq Composite packed on 208.44 points, or 1.7%, to close at 12,221.91.

US crude oil futures continued their ascent Friday. The May West Texas Intermediate (WTI) light, sweet crude contract added $1.30 to close at $75.67 per barrel.

The US dollar index trended weaker early last week before riding a see-saw for the rest of the week, ultimately notching a gain on Friday.