07/14/08 Record world wheat production forecast

Farm and Ranch July 14, 2008 Global wheat production this year is expected to be a record 664 million tons, an increase of 53 million tons over last year's weather reduced crop. That is the latest forecast from the USDA, which also includes a boost of three percent in the U.S. winter wheat crop from June, which would make it 23 percent larger than in 2007. The largest gain from a month ago is in soft red winter wheat production. White winter only increased one percent from June. USDA is forecasting a U.S. spring wheat crop of 507 million bushels, six percent above 2007. Most of that is hard red spring. U.S. wheat endings stocks are expected to grow from this past marketing year's 306 million bushels to 537 million. White wheat stocks are expected to increase from 38 to 60 million bushels. As for expectations for the wheat market now; Jonah Ford of Greenrush Capital Management thinks Chicago soft red winter futures could break to $7 to $7.50. Ford: "The trade should hold up in the high protein wheats going into harvest here. Minneapolis and also Kansas should outperform the Chicago." In the July crop report the USDA left its winter wheat yield projections for Idaho and Oregon unchanged but trimmed Washington's a bushel to 62 bushels an acre. Spring wheat yields are forecast at only 37 bushels in Washington, 55 in Oregon and 67 bushels in Idaho. I'm Bob Hoff and that's the Northwest Farm and Ranch Report on the Northwest Ag Information Network.