International Wheat Production Down, What Does That Mean For U.S. Growers?

Taking a look at the at the latest WASDE, the biggest note about wheat was the change in production in several competitors of the U.S.  Outgoing World Outlook Board Chair, Seth Meyer, said the report cuts world production estimates by nine million metric tons.

"We had some very big change of circumstance for weather across Russia, across the Ukraine, across the European Union. where just since the last WASDE, the weather turned drier and much hotter than normal." Meyer said.  "In some cases record for the month of June during the phase when the crop is filling the grain."

When it comes to the U.S. balance sheet.

"We're at a very large production at 771.5 million tons not record," noted USDA Chief Economist Rob Johansson.  "But that does translate in to record stock carryout."

Johansson added, stocks are estimated down, pushing prices up roughly ten cents per bushel.

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