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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Analysts say poor crop conditions seen on the annual Hard Red Winter Wheat Tour, combined with cheaper overseas grain supplies, are weighing on the industry as the annual tour wraps up.
Lower wheat production, smaller stocks, and higher projected prices explain the rally and put more attention on Plains crop conditions.
U.S. grain export inspections stayed solid for the week ending May 7, with corn still leading the export pace and soybeans posting a strong weekly rebound.
