Ray Grabanski, Progressive Ag
Wheat Wheat traded in a narrow range last week with the U.S. Department of Agriculture releasing the World Agricultural Supply and Demand Estimates report July 12. July contracts expired July 14. USDA pegged U.S. all wheat production at 2.26 billion bushels, and left the final winter wheat yield estimates at 53.9 bushels per acre, up 11.4 bushels from last year.
Wheat Wheat had another rough week, sliding lower as the harvest in Kansas and the southern Plains rapidly progresses with a record hard red winter wheat yield of 50.5 bushels per acre. Kansas City and Chicago wheat have hit new contract lows.
Wheat Wheat had a rough week, sliding lower as a result of the U.S. Department of Agriculture’s Supply and Demand report on June 10 and favorable crop condition ratings. The report projected a record hard red winter wheat yield of 50.5 bushels per acre. Projected hard red winter wheat production is at 1.51 billion bushels, up 10 percent from the 2015 crop. Hard red winter wheat was pegged at a surprising 938 million bushels, up 9 percent from last month. That was 28 million bushels above any of the pre-report estimates.
Wheat It was a short week for trading and a good week for wheat. Early losses were reversed during the remainder of the week, allowing for small gains to sneak in. The initial losses came as forecasted rains in Kansas and Oklahoma didn’t develop as expected.
Wheat It was a difficult week for the wheat, with Minneapolis wheat falling about 13 cents and both Chicago and Kansas City wheat falling more than 25 cents. In fact, Kansas City wheat set new contract lows for the July and September contracts on May 5. A rallying U.S. dollar provided plenty of downside pressure to a wheat market that is struggling with lackluster demand. The dollar index reversed course, retracing about half of the previous week’s losses. As of May 5, it had gained 70 points for the week at 93.81.
FARGO, N.D. - Weather shows wet weather the next seven days across most of the corn belt and Midwest, and it gets even wetter for the 8- to14-day forecast. It is raining in parts of Illinois, Iowa, Missouri, Arkansas and the western Kansas, Oklahoma and Texas panhandle, with the rain in the western hard red winter wheat area likely to be very beneficial to growers.