Wheat futures fell double digits Thursday after the Kansas wheat tour’s reported yield estimates.
It expects 282 million bushels this year, although some agronomists warn there could be a lot of variability between now and harvest depending on the amount of abandonment and rainfall.
In the west where the blizzard hit the last weekend of April, the tour estimated winter wheat yields averaging nearly 47 bushels to the acre, even after factoring the storm damage.
Futures dropped off a two-month high. Scouts dipped into Oklahoma found decent crops north of I-40.
“The crop wasn’t nearly as mature when the rain started and it’s really benefited that crop, especially the closer you get to the Kansas border,” said Mark Hodges, executive director of Oklahoma Genetics, Inc.
In Oklahoma, Hodges estimates wheat harvest will start in central Texas this weekend and making its way north to Oklahoma by May 15.