Sources familiar with Informa Economics say the firm has updated its U.S. winter wheat production estimate, pegging the crop at 1.656 billion bu. -- 163 million bu. above last year. The estimate is reportedly 25,000 bu. above Informa's April forecast due to a combination of more acreage to be harvested, as well as an increase in the yield.
USDA will release its May 1 Crop Production Report on Thursday, May 10 at 7:30 a.m. CT.
Also this morning, sources say Informa updated its 2012 acreage projections. Details follow:
- Corn: Informa at 96.124 million acres, up 260,000 acres from USDA's March projection.
- Soybeans: 75.822 million acres, up 1.92 million acres from USDA's March projection.
- Cotton: 12.825 million acres, down 330,000 acres from USDA's March projection.
- Spring wheat: 13.476 million acres, up 1.5 million acres from USDA's March projection.