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 beef exports showed strong momentum, cotton sales surged, and soybean sales held steady, though China remains absent from the U.S. market.
Harvested acres are estimated at 90.0 million, making this year’s corn crop one of the largest since the 1930s.
China has been largely absent from U.S. markets lately, but not when it comes to cotton. It’s a buy that, traders say, isn’t surprising given China’s limitations.
