Market News & Headlines >> USDA Expected to Lower Wheat Crop, Stocks Slightly
USDA is expected to lower its estimate of U.S. wheat production marginally in Tuesday morning’s monthly Crop Production report following excessive rains and flooding in parts of the U.S. HRW wheat belt during May.
In its monthly Supply/Demand report, USDA is expected to lower its 2018/19 and 2019/20 U.S. wheat carryout forecasts slightly.
Trade estimates of U.S. all-wheat production average 1.889 million bushels in a range from 1.837-1.952 billion compared with USDA’s May survey estimate of 1.897 billion bushels, according to a Bloomberg News survey of 25 analysts. Pre-report estimates of U.S. all-winter wheat production average 1.255 billion bushels in a range from 1.194-1.316 billion, compared with USDA’s May survey estimate of 1.268 billion bushels.
The trade, on average, expects USDA to peg the carryout for the just-ended 2019/20 marketing year at 1.119 billion bushels, a modest 8 million below its May estimate.
Pre-report estimates of the 2019/20 U.S. wheat carryout average 1.106 billion bushels in a range from 925 million-1.180 billion compared with USDA’s May projection of 1.141 billion bushels.