WASDE Wheat Results

WASDE Wheat Results

I’m KayDee Gilkey with the Northwest Farm and Ranch Report.

Yesterday one of the most-anticipated USDA reports, the World Agricultural Supply and Demand Estimates Report or WASDE was released and it caused a roller coaster ride in the grain markets. The report results for wheat was bullish with all wheat production coming in at 2.22 billion bushels which was below expectations and compared to 2.23 billion last month.
Kevin VanTrump, CEO and Owner of Farm Direction, discusses the export situation for wheat.

VanTrump: “The bean and corn markets have been pulling wheat higher and higher and we’re on the bullish side of fence in wheat but we are really having a hard time getting any traction in exports -- let’s put it that way. We are not as competitive as I’d like to see us from a global standpoint with the setbacks that are happening in Russia, in the Black Sea area, some setbacks that are going to take place in Australia, we are hearing that the rains in India are late and continue to be late so we talking and hearing of speculations of setbacks there. The USDA did raise exports a hair today, we were anticipating that and we are hoping to see the exports raised even a little further here in the following months.”

Total wheat production in the Pacific Northwest, including Washington, Oregon and Idaho, is estimated at 296.6 million bushels, a decrease of 17 percent from 2011. Winter wheat production is expected to be 10 percent below last year and spring wheat is down 36 percent from 2011.

I’m KayDee Gilkey with the Northwest Farm and Ranch Report on the Northwest Ag Information Network.

Learn more about Kevin's company, Farm Direction, where he provides you with the news, information and strategies that will help you properly position yourselves in these adverse market conditions and extremely volatile times.