Winter wheat crop up on year, but changes likely
The USDA sees a bigger winter wheat crop this year with larger acreage canceling out a smaller yield.
Production is currently expected to be 1.13 billion bushels, 2% more than last year, with a 21% jump in soft red winter to 405.754 million bushels canceling out a 3% decline in for hard red winter to 514.297 million and 11% drop in white winter at a combined 210.364 million bushels.
The average yield is seen at 44.7 bushels per acre, 2.3 less than a year ago, with harvested area expected to rise 1.8 million acres.
Those increases and decreases are tied to crop weather in their respective regions and will change further as harvest gets underway in the Midwest and Plains.
The USDA left old crop ending stocks unchanged at 598 million bushels, with an average price of $8.85 per bushel, and projects new crop at 556 million, with an average price of $8.
The new marketing year for wheat starts June 1st and the USDA’s next set of supply and demand estimates is out June 9th.