Little Change Reported In U.S., International Wheat Picture

The USDA made only minor changes to both the domestic and world wheat ballot sheets for June.  World Agricultural Outlook Board chair Mark Jekanowski said they got some new information regarding the American winter wheat crop.

“The changes were small, fairly negligible, so it doesn't really move the needle in terms of our overall U.S. wheat production forecast, but we did raise our export forecast and with that 25,000,000 bushel increase in exports, that reduces ending stocks.”

Jekanowski noted a ten-cent month-over-month increase in the season ending average price; that figure now sits at $5.40 a bushel.  When it comes to June’s global wheat production forecast.

“An increased production forecast in the EU government data suggesting about a half million-ton increase in India's wheat production," Jekanowski said.  "Overall, global wheat production still a new record, just over 808 million metric tons, but this month adjusted higher by just about 100,000 metric tons.”

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