Oklahoma's Expected Wheat Production Unchanged from 89 Million Bushels in Latest USDA ReportsFri, 09 Jun 2017 16:01:26 CDT
Friday morning, the USDA released two reports including its Crop Production report based on June 1st data, as well as the latest World Agricultural Supply and Demand Estimates. Radio Oklahoma Ag Network Farm Director Ron Hays reached out to Oklahoma State University Extension Grain Market Economist Dr. Kim Anderson, for his reaction to the implications of today’s reports. You can listen to their full conversation about the numbers in these reports, by clicking or tapping the LISTEN BAR below at the bottom of this story.
“Overall, I think it’s a good report for HRW and wheat overall,” Anderson said. “I think production from a US standpoint looks good for wheat.”
Anderson summarized the production report, highlighting that all wheat had been raised from previous expectations only about 4 million bushels, essentially nothing says Anderson. Winter wheat, according to the report, has been adjusted down just slightly, and HRW, practically unchanged as well.
World production numbers for wheat though, have been lowered some. Anderson says his concern there lies with Argentina’s wheat production. He says Argentina’s production estimate has been increased by 3% or 18 million bushels.
Russia’s wheat production has also increased by 3%, or 73 million bushels. Anderson says that is 73 million more bushels of wheat that Russia will be putting on the international market, as it continues to feed its new status as the number one wheat exporter in the world. Both Argentina and Russia are direct competitors of US HRW.
Looking closer at home, Oklahoma’s wheat production has not been changed in today’s report, remaining at 89 million bushels as previously predicted.
“I think what harvest is showing us is that 89 is probably closer to what Oklahoma is going to get,” he said.
Anderson reports that test weights so far in Oklahoma have been very good, reaching up close to 60+ lbs. He says this means our farmers have hopefully produced some good milling quality wheat. However, at the same time protein levels leave something to be desired.
Reading between the lines though, Anderson says it will take lower foreign production to get prices the lift they need. He does say that currently news from around the world for the most part seems to be trickling in that direction.
To view the USDA's Crop Production report, click here.
To view the latest USDA WASDE report, click here.
For more highlights of these two reports out from the USDA today, listen to Hays speak with Anderson by clicking or tapping the LISTEN bar below.
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