Big Drop In Winter Wheat Numbers Due To Grain Plains Dryness

Not a complete surprise, but still some eye-opening numbers this week.

“If you follow weather and what's happening in the marketplace, but definitely some big changes year over year," said USDA Chief Economist Justin Benevidez discussing the lower winter wheat production forecast for this season, released earlier this week.

“As a share of planted acreage, harvested acres are going to be certainly the lowest percentage that we've seen in well over a decade," Benevidez said.  "A big loss in harvested acres, and that's a result of some of that substantial dryness across the Great Plains.”

  Benevidez noted that the lower production is supportive of price.

“We saw quite a big bump in the forecast for price for the marketing year, going up $1.50 to $6.50," he said.  "So, positive news in terms of pricing, while obviously facing some significant production challenges.”

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