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Cheapest wheat offer was for Romanian wheat, followed by U.S.
Shipment shows competitiveness of U.S. wheat, analyst says.
First came a deluge of rain, then a string of winter blizzards. Now, April showers are threatening to heap further moisture on waterlogged fields just as Canada’s farmers prepare to plant their fields this spring.
Wheat imports estimated to be 4.1 million tons in 2016-17.
Wheat stockpiles seen plunging 37 percent this season.
Unharvested acres must come off field before spring planting.
Inventories at post-Soviet high, but still only equal to half of U.S. output.
“If it gets too cold, too fast, especially if there’s not time for the crop to re-acclimate, it can cause some damage,” said Romulo Lollato, a wheat and forage specialist at Kansas State University in Manhattan, Kansas.
Glut has spurred longest slump in decade as growers lose money.
The planted acreage for winter wheat in the U.S. fell to the lowest level since 1909 as farmers from Kansas to Texas faced prospects for declining crop prices, a government report showed. Futures prices climbed in Chicago.