While corn planting is coming to an end, wheat harvest is rolling across the U.S. According to the USDA’s Crop Progress Report, 5% of winter wheat has been harvested in the U.S., and 35% has been harvested in Texas alone.
Wheat is trading above the $5 mark, and what could be the important factor to watch in the market isn’t domestic—it’s global.
According to Mark Feight, managing director of International Agribusiness Group, LLC., the Black Sea region wheat crop could yield somewhere in the 70 million ton range compared to the 85 million tons of production that was “a huge hammer on the wheat market.”
“That area was also one where USDA pinpointed an 11 million ton increase in corn, a record corn crop out of the FSU” he said on AgDay.
Hear what Feight says the next three weeks are critical for the Russian wheat crop on AgDay above.