Ahead of Tuesday’s updated production estimates, on average, analysts expect USDA to lower its’ 2012 U.S. wheat numbers.
All wheat is estimated at 2.222 billion bushels, down around 20 million from May’s projection but still up around 200 million bushels on the year. Winter wheat is expected to be around 1.65 billion bushels, roughly 40 million less than last month but about 155 million more than last year.
By class, hard red winter is pegged at 996 million bushels, soft red winter is seen at 422 million, and white winter is estimated at 231 million bushels. In May’s update, USDA projected hard red winter at 1.032 billion bushels, soft red winter at 428 million, and white winter at 233 million. The 2011 hard red winter crop totaled 780 million bushels, soft red winter production was 458 million, and all white winter wheat totaled 256 million bushels.
The report is out at June 12 at 7:30 AM Central along with the monthly supply and demand numbers.