Market News & Headlines >> U.S. Wheat Crop Seen Edging Upward
USDA is expected to raise its estimates of U.S. spring wheat and all-wheat production slightly due to strong spring wheat yields when it releases its August Crop Production Report on Wednesday morning.
Trade estimates of U.S. all-wheat production average 2.153 billion bushels in a range from 2.075-2.210 billion bushels compared with USDA’s July forecast of 2.148 billion and last year’s 2.026-billion-bushel crop, according to a survey of 20 analysts by Reuters News Service.
Pre-report expectations for “other” spring wheat production average 629 million bushels in a range from 582-670 million bushels compared with USDA’s July forecast of 617 million and last year’s crop of 595 million bushels. Durum wheat production estimates average 80 million bushels versus USDA’s July estimate of 76 million and last year’s crop of only 52 million.
USDA is seen lowering its estimate of total winter wheat production slightly due to the negative impact of excessive Midwest rains of the soft red winter (SRW) wheat crop and drought conditions in Pacific Northwest white wheat growing areas.
Pre-report estimates of all-winter wheat production average 1.452 billion bushels, just 4 million below USDA’s July forecast, in a range from 1.430-1.468 billion bushels. On average, USDA is seen cutting SRW wheat production by 3 million bushels and white wheat output by 2 million, while raising hard red winter wheat output by 1 million bushels from July.