First, with winter wheat…. “this year’s production is estimated at one point two billion bushels.
That was USDA chief economist Rob Johanson.
“That is the second lowest since 2002. And it also comes in a little bit low on the bottom end of the trade range. So maybe a little surprise there, although we should note that it is the third highest yield on record if realized.”
U.S. production of winter wheat is expected to be down three percent from last month's estimate.
“Overall year to year, down seven percent, reflecting a loss in acreage steadily each year, we see fewer acres planted and harvested to that winter wheat crop.”
with spring wheat…” We see an estimate coming in for the spring wheat right in the middle of the trade range at 550 million bushels. That's down two percent year over year, a little below the trend for yield yield expectations. But again, we'll see as we get into more in production here what those actual estimates turn out to be.”