WASDE Report Shows Low Wheat Stocks
The most recent World Agricultural Supply and Demand Estimates report for October, better known as the WASDE, includes information from two places: USDA's Crop Production Report and Greens's reports that came out September 30th.
You know in most cases we're looking a tighter supplies. Wheat, for example, US wheat supply tightened up a bit this month's based on that stocks information and crop production information," said world Ag Outlook Board Chair, Mark Jekanowski.
"The big take away from the U.S. balance sheet on wheat is that now we're forecasting for the new crop year the lowest stocks in six years."
Jekanowski called that pretty noteworthy.
"We brought our ending stocks estimate down by 43 million bushels from what we had last month and year-over-year we're looking at about a 145 million bushel reduction in ending stocks."
Wheat prices are forecasted up twenty cents to $4.70 per bushel for the 2020-2021 crop year
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