Kansas City wheat futures were lower Thursday morning as a result of general commodity liquidation, traders said. The gold, silver, crude and other outside markets were under heavy pressure today, traders added. Wheat export numbers were at 274,000 metric tonnes, within expectations of 250,000 to 450,000 metric tonnes, traders said.
The final estimate for day two of the tour was 33.4 bushels per acre, based off of 264 stops throughout the day. This compares to last year's day two estimate of 39.9 bushels per acre, based off of 215 stops. After two days of observations by tour participants, the average now stands at 36.7 bushels per acre, based on 531 total stops. This number is down 3.6 from last year's 2-day estimate of 40.3.
Overall the wheat crop on the second day appeared to be below average, with dry conditions and drought stress causing problems and crop conditions that were anticipated. Inconsistent fields and yields were seen and reported throughout the day. The tour traveled from Colby, Kan. to Wichita, Kan., covering the southwestern and southern central tier of the state. Disease reported was barley yellow dwarf and some smut. Wheat throughout this area was reported in the tillering to headed stage, with wheat in Hodgeman County and south in the heading stage.
It was noticed that wheat that has headed out has smaller heads than reported on average. The need of rain in the short future is key in plant development and the filling of heads going into the harvest season.
Participants in the Oklahoma state crop tour joined the Kansas crop tour in Wichita on Wednesday evening, announcing their final estimate for the state. Oklahoma announced a production estimate of 3.30 million acres, 67.65 million bushels, and an estimated 20.5 bushels per acre.
This is significantly lower than last year's Oklahoma production of 120.9 million bushels. The number could possibly go lower if hot temperatures, lack of rain, and high winds continue to cause stress to the crop. Lack of rain has been the largest problem with the Oklahoma crop.
The KCBT, founded in 1856, is Kansas City's oldest business and the world's largest futures market for hard red winter wheat. Daily quotes, market commentary, historical data and charting services are available on our website at
www.kcbt.com.
Previous editions of the KCBT Review Newsletter can also be found on the KCBT website. Simply click on the date you would like to view or download here:
KCBT Review Newsletter.
