Last week’s rain may have been just a month too late to save the winter wheat crop.
One DTN analyst says if the Southern Plains would have received precipitation in late March, early April, it could have been called a billion dollar rain. The report shows if all of the winter wheat acres in Texas, Oklahoma and Kansas would have received enough rain to boost yields by 18 bushels per acre, the economic value would have come in at 350 million bushels, which is more than $2 billion.
USDA‘s latest crop progress report has 42 percent of the winter wheat crop in the bottom category.
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Global conflicts, labor policy, and tightening wheat supplies are all competing for the attention of agricultural markets as producers navigate another volatile growing season.
Wheat Supplies Tighten As Summer Weather Shapes Production
Wheat production forecast down 7 million from June and the lowest since 1970/71. Winter wheat saw the largest adjustment. Global wheat stocks also moved lower as consumption increased and supplies tightened.
The next U.S. Drought Monitor is scheduled for release Thursday, providing an updated look at moisture conditions across the country.
