USDA Releases Four Reports Friday

USDA Releases Four Crop Reports Friday

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

Friday was a big day for the grains as four USDA crop reports were released Friday morning.

USDA’s Gary Crawford shares more details.

Crawford: “Lots of information coming out of the Agricultural Department on Friday. We’ll start with wheat. Wheat stocks as of December first, 1.66 billion bushels, reflecting use during the fall quarter of 445 million bushels that is down 8 percent from last year but is more than was expected so USDA is lowering its year ending stock forecast by 35 million bushels. Even so, analysts dropping another dime from the price forecast to 7-90 a bushel based on prices so far. Meanwhile USDA reports winter wheat seedings 41.8 million acres up one percent from a year ago. Hard Red though down 2 percent, soft red up 16. Now for corn, USDA revising its estimates of this seasons past crop boosting it 55 million bushels, with harvested area revised down but with better yields making up for it. Corn price forecast steady $6-90 a bushel.”

USDA’s WASDE Report projected U.S. wheat ending stocks for 2012/13 are lowered 38 million bushels this month. 

Projected exports for all wheat are unchanged; however, Hard Red Winter wheat exports are lowered 25 million bushels and Soft Red Winter wheat exports are raised 25 million bushels based on the pace of sales and shipments to date and the increasing competitiveness of SRW wheat in world markets.

For more ag news go to aginfo.net.

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