Market News & Headlines >> Winter Wheat Crop Seen Smallest in 16 Years
U. S. winter wheat production for 2018 is forecast to fall 7.3% from last year due to lower seeded acreage and adverse weather that has hurt HRW wheat yields.
Trade estimates of all-winter wheat production average 1.176 billion bushels in a range from 1.062-1.304 billion compared with last year’s final crop of 1.269 billion bushels, according to a survey of 27 analysts by Bloomberg news. At the average of trade expectations, U.S. all-winter wheat production would be the lowest since 2002, when it came in at just 1.138 billion bushels.
USDA is scheduled to release its first survey estimate of 2018 winter wheat production on Thursday morning at 11:00 a.m. CT.
Estimates of HRW wheat production average just 637 million bushels compared with last year’s final crop of 750 million bushels. At the average of trade estimates, U.S. HRW wheat production would be the lowest since 2002’s 620 million bushels.
Trade expectations for SRW wheat output average 309 million bushels in a range from 218-330 million bushels versus last year’s 292-million-bushel crop, while expectations for white winter wheat production average 230 million bushels against last year’s production of 227 million.
U.S. all-wheat production is still expected to come in 1.9% above a year earlier due to larger spring wheat planting intentions and expectations for spring wheat yields to rebound from last year’s drought-shortened levels. Trade estimates of all-wheat production average 1.774 billion bushels in a range from 1.612-1.860 billion, compared with last year’s final USDA crop estimate of 1.774 billion bushels.