Wheat production

The USDA is out with its new production forecast for wheat crops. Speaker2: Clearly across the board we saw increases in wheat production estimates. And, um, honestly, for a lot of them at the upper end or outside of the range of trade estimates. Speaker1: Usda Chief Economist Seth Meyer, USDA's forecasting winter wheat production at 1.34 billion bushels. That's up 4% from its previous forecast, 7% from last season. That would make it the biggest winter wheat crop since 2016. Usda's also predicting bigger crops of Durham and other spring wheat, with, however, the expected drop in prices. Speaker2: And I think that those prices are visible within the market now as the market's saying, hey, supplies are adequate and we're going to bid the price lower. Speaker1: Right after USDA issued its wheat forecasts, prices fell by $0.18, about a 3% drop.