Wheat Exports Expected To Remain Strong

In it’s most recent report, USDA is forecasting lower domestic wheat production.  But USDA World Agricultural Outlook Board chairman Mark Jekanowski said the main driver when it comes to the U.S. wheat supply and demand estimate is a continued strong export pace.

“We raised our wheat export forecast by 25 million bushels," Jekanowski said.  "That's really based on HRW in particular, continued strong sales and shipments if realized for this crop year 875 million bushels of exports would be up almost 50 million bushels from last year.”

USDA Lowers Its Wheat Price

When it comes to the season ending average price forecast.

“Even with those slightly tighter ending stocks, we lowered our price by $0.10 per bushel," he said.  "Now at $5.30 per bushel, that reduction is mainly based on some expectations that lower corn prices are going to weigh on the wheat market complex.”

Jekanowski noted world wheat production remains record high in the August forecast, despite month over month production reductions.

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