Market News & Headlines >> Wheat Seedings Cool Crop Worries
Larger-than-expected U.S. winter wheat seedings for 2018 harvest have capped concerns about U.S. wheat production along with larger-than-expected Dec. 1 wheat stocks.
Drought conditions in the Plains remain a threat to U.S. HRW wheat production, but may not become a major market issue unless the dryness continues into the spring growing season.
USDA’s annual Winter Wheat and Canola Seedings report released on Jan. 12 pegged all-winter wheat seedings at 32.608 million acres, only marginally below last year’s 32.696 million and above trade estimates that averaged 31.500 million acres in a range from 30.100-32.500 million, according to a Bloomberg news survey. U.S. winter wheat seedings are still the second lowest on record.
HRW wheat seedings for 2018 harvest were put at 23.100 million acres by USDA, down 326,000 or 1.4% from last year, but near the high end of the range of trade estimates. SRW wheat seedings were pegged by USDA at 5.98 million acres, 247,000 acres or 4.3% above last year and above the range of trade estimates. USDA pegged white winter wheat seedings at 3.560 million acres, up marginally from 3.537 million last year and 60,000 above the average of trade expectations.
U.S. all-wheat seedings for 2018 harvest could wind up slightly larger than a year earlier as spring wheat prices above a year ago and weaker corn and soybean prices figure to cause some acreage to shift back into spring wheat/durum this year.