USDA Anticipates Large Wheat Crop

Wheat growers across Europe have dealt with some unpleasant weather this year, and because of that, the USDA has lowed its projections for EU wheat production.  But despite that drop, :"when you add it all up across all of the major producers, we're looking at record large global production,” noted USDA Outlook chairman Mark Jekanowski.  He added that total world wheat production number could come in at just under 797 million tons, which if realized, would be a roughly a 6.3 million ton year-over-year increase.

Meanwhile, Jekanowski said when it comes to the U.S. wheat crop.

“Still looking at U.S. production of just under 2 billion bushels, that would be up about 170 million bushels year over year.” 

About 10 1/2% more than last year.  Jekanowski says higher supplies are, of course, bringing lower wheat prices. The USDA projecting a season average all wheat price down 18% from this time last year.

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