Wheat developments

The USDA is forecasting a U.S. wheat crop larger than had been expected, just over 2 billion bushels. That would be about 11% more than this past crop year. And if you look at worldwide wheat output, that's growing as well. So a lot of wheat out there now. More on the way. Speaker2: Keeping pressure on prices. Speaker1: USDA outlook Board Chairman Mark Jekanowski told us. Speaker2: We lowered our season average farm price all wheat forecast by $0.80 per bushel this month and for the new crop. So it's now at $5.70 per bushel. That would be down, uh, $1.26 year over year. Speaker1: Or a drop of 18%. Speaker2: Russia and Ukraine are still exporting a lot. So the Black Sea supplies are relatively abundant, especially for the old crop. Uh, we, um, we raised our, uh, Russia wheat, uh, export forecast for the old crop by 1.5 million tons to a to a new record. 55.5 million tons. Um, and then in the for the new crop year, overall production will be, you know, currently forecast to to be up about 7.2 million tons. So yeah, a lot of competition out there and uh, keeping pressure on prices.