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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Federal assistance has helped, but the most recent row-crop losses remain on producers’ balance sheets.
The USDA’s February WASDE report looms as the CME Ag Economy Barometer shows declining farmer confidence, and more ag industry groups calling for swift policy action.
China-led demand continues to anchor soybean and sorghum exports despite weekly swings.
Economists are also closely watching how policy decisions in Washington could influence markets moving forward. Analysts say deferred futures for corn, soybeans, and wheat suggest markets are operating near break-even levels, not at prices that would encourage expanded production.
