USDA Wheat Outlook: Hard Red Winter Wheat exports hit lowest levels on-record
According to the U.S. Dept. of Agriculture’s (USDA) monthly Wheat Outlook Report, U.S. Hard Red Winter exports are predicted to be down 10 million bushels in September, which would mark the lowest levels ever recorded.
This harvest season, Hard Red Winter Wheat exports could hit their lowest levels ever recorded.
According to the U.S. Dept. of Agriculture’s (USDA) monthly Wheat Outlook Report, U.S. Hard Red Winter exports are predicted to be down 10 million bushels in September, coming in at just 155 million bushels. This would mark the lowest levels since the Department began keeping records in 1973.
Hard Red Winter Wheat supplies have seen a long term decline as corn and soybeans have gained acreage. At the same time, international wheat competition has surged, which has led to U.S. exports being less competitive globally.
World wheat production is also predicted to be down this month at just over 787 million tons.
“We dropped the production this month by six million tons, and that mainly reflects dry conditions in Australia and also Canada,” said USDA World Outlook Board Chairman Mark Jekanowski, providing some insights on the forecast.
The USDA prediction also put output down more than three percent year over year. If dryness continues, there is potential for even more crop damage.