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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Corn and soybean exports continue to anchor weekly inspection totals, with China maintaining a visible role, while wheat and sorghum remain more dependent on regional and seasonal demand shifts.
While row crops are expected to see softer impacts, analysts say severe weather of this magnitude will not be as kind to cattle producers.
Corn and wheat exports remain a demand bright spot, while soybeans are transitioning into a more typical late-winter shipping slowdown.
Larger grain stocks increase supply pressure, but strong fall disappearance — especially for corn and sorghum — suggests demand remains an important offset.
