Market News & Headlines >> USDA Seen Raising Wheat Crop Slightly
Friday’s USDA Small Grains Summary report is expected to peg 2016 U.S. wheat production 13.2% above a year earlier and slightly above the agency’s previous estimate due to record winter wheat yields.
Trade estimates of U.S. all-wheat production average 2.323 billion bushels, a marginal 2 million bushels above USDA’s August estimate, in a range from 2.299-2.350 billion bushels, according to a survey of 18 analysts by Reuters News Service.
On average, USDA is expected to peg total winter wheat production at 1.660 billion bushels, up 3 million bushels from its August estimate and up 290 million or 21.2% from the 2015 crop. Trade estimates average 1.049 billion bushels for HRW wheat production, 370 million bushels for SRW wheat production and 239 million bushels for white winter wheat production.
Trade estimates of “other” spring wheat production average 570 million bushels in a range from 531-585 million bushels compared with the August crop estimate of 571 million bushels and last year’s 599-million-bushel crop. Durum production estimates average 93 million bushels, up from USDA’s August estimate of 92 million and 2015 production of 82 million.