Is There A Bigger International Wheat Story?

June 27, 2018 07:47 AM

In the USDA’s latest crop progress report, 77 percent of the spring wheat in Idaho, Minnesota, Montana, North Dakota, South Dakota and Washington is rated good to excellent. 

In South Dakota, 57 percent of spring wheat is rated good to excellent. South Dakota farmer and founder of Bolt Marketing, LLC.DuWayne Bosse, reports the crop is “patchy.”

“There’s a lot of good areas, but we’ve got to remember spring wheat is a cool season grass and we were very hot early on,” he said on AgDay. “It’s not perfect out there.”

The story is a little different when it comes to winter wheat. In the 18 states the USDA collects data on winter wheat conditions, only 37 percent of the crop is rated good to excellent. 34 percent is rated poor to very poor.

“Our wheat stocks are going to go down in the U.S. for the first time in a long time, and I think more importantly is the world stocks—Russia’s crop,” said Bosse. 

He has heard some estimated the Russia wheat crop will  be 20 percent less than the 2017 yield because of hot and dry conditions.

Bosse said this is an area to take advantage of this weather scare and sell if the market spikes.

“Global supplies are still there,” he said. “We’re going to see a spike higher, price ourselves right out of the market I’m afraid, and then go back down.”

Is there any reason for international wheat producers to grow fewer wheat acres? Head Bosse’s full commentary on AgDay above.

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Reedsburg, WI
6/28/2018 11:26 AM

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