Earlier this month, the results of the Kansas Wheat Tour showed that yields in the Sunflower State are expected to be close to 37 bushels per acre.
This number might not come as much of a surprise to many, after several reports told of how poor the crop was.
According to Ted Seifried, vice president and chief market strategist of Zaner Ag Hedge, the results weren’t “a big surprise one way or the other.”
“There’s still a lot of wheat, and the world global balance sheet is still very robust,” he said on AgDay. “Our domestic balance sheet is still rather robust. There’s still a lot of wheat in the world—the stocks are just very big.”
Yields aren’t the only area in wheat that’s seeing a decline in 2018. Seifried is expecting farmers will plant fewer acres this year in the Dakotas, based off some clients.
Hear what Seifried says about rally opportunities for wheat on AgDay above.