Market News & Headlines >> Winter Wheat Crop Seen Up Slightly
Wednesday morning’s monthly USDA Crop Production report is expected to show an increase in U.S. winter wheat production due in good part to bumper crop prospects in the top producing state of Kansas.
However, gains in HRW wheat and SRW wheat production are expected to be partially offset by a decline in white wheat production with the U.S. Northwest locked in a severe drought. While crop condition ratings have improved in Kansas and states such as Oklahoma, Colorado and Nebraska, they have been on the decline for weeks in Washington state, Oregon, Idaho and Montana.
Pre-report estimates of total winter wheat production average 1.308 billion bushels in a range from 1.276-1.383 billion compared with USDA’s May estimate of 1.283 billion, according to a Bloomberg News survey.
Trade estimates of HRW wheat production average 757 million bushels up from USDA’s May estimate of 731 million. Estimates of SRW wheat production average roughly 336 million bushels up from USDA’s May estimate of 332 million. Estimates of white wheat production average about 215 million bushels down from USDA’s May estimate of 220 million.
Trade estimates of U.S. all-wheat production average 1.890 billion bushels in a range from 1.810-1.973 billion compared with USDA’s May estimate of 1.872 billion bushels, according to a Bloomberg News survey. The average of trade estimates implies U.S. spring wheat/durum production of 582 million bushels, down from the 2020 level of 655 million.