WASDE Shows Support for Wheat, Crop Rebounds After Snow

May 12, 2017 03:03 PM

Wednesday’s WASDE report is helping support wheat markets after the USDA cut both wheat production and yields.

Winter wheat production is estimated at 1.25 billion bushels, down 25 percent from 2016 on yields 48 bushels per acre. Hard red winter wheat is expected to see production drop by one-third compared to a year ago.

“The wheat is where we’re going to see the biggest improvement in the surplus situation,” said Chris Hurt, an ag economist with Purdue University. “Production is going to be pretty far below the usage and we’re going to drop our carryovers from 52 percent of a year’s use to 42 percent.”

Less than two weeks ago, much of the southern Plains was dealing with blizzard-like conditions. Up to 20 inches of snow fell across the Texas Panhandle and western Kansas. The heavy, wet precipitation weighed on tillers and laid fields flat.

“We did get snow,” said David Cleaviger, a farmer in Wildarado, Tx. “They say it has laid [all that wheat] down, and we’ve seen and heard that it all came back up.”

Cleavinger says with the price of what, he’s harvesting most of his wheat crop for silage.

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