Our deadline of June 9 did not allow inclusion of the United States Department of Agriculture crop production report June 10.
While the market spotlight June 9 was on the wet Midwest and its effect on corn, the USDA report was expected to increase its forecast of the U.S. winter wheat crop by about 925,000 tonnes to 49.3 million tonnes.
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Prairies have variable soil moisture conditionsThe dry weather in the west was welcome for preserving grain quality and advancing harvest, but it has resulted in very dry soil moisture conditions. Our June 9 deadline did not allow inclusion of the United States Department of Agriculture crop production report June released 10 in the printed version of this week’s paper. That report is now available, in PDF format, via the following URL: June 10, 2008 USDA crop production report |
Harvest reports from Texas and Oklahoma indicate good yields and harvest will begin soon in Kansas, the key state for hard red winter wheat.
The spring wheat crops in Canada and the U.S. northern plains have received welcome moisture in the last couple of weeks.
The wheat crops in the European Union, Russia and Ukraine are progressing well. Reports from China indicate the government is pleased with its crop.
So a lot of bushels are in the field in the northern hemisphere but will it all get to the bin and if so, in what condition?
In the wetter U.S. wheat areas, which tend to grow soft wheat, disease could become a factor.
Large parts of the Canadian prairies need much more rain.
For now, the expectation of a large world wheat crop this year persists and a good crop will be a boon if the U.S. corn crop winds up much smaller, as some now predict.
The amount of wheat fed to livestock will increase, providing a strong floor price even if there is a bumper global wheat crop.
