USDA says 76 percent of the U.S. spring wheat crop has been harvested out of the six top producing states. That’s double-digits below the 5-year-average. Winter wheat is getting planted as well.
“I’m friendly [with] wheat in general,” said Brian Splitt of AgMarket.Net.
If reports hold true, wheat acres keep decreasing.
“We’ve had the July Kansas City wheat contract is trading on $4.20 a bushel, which is the lowest value for a new crop contract prior to planting since I think about 2006,” said Splitt.
Splitt believes we’ll potentially have another reduction in wheat plantings.
Clinton Griffiths talks with Splitt about the wheat market.