Jakanowski Expects Wheat Prices To Rise

World Ag Board Outlook Chair Mark Jakanowski said there is not a lot to report on the wheat crop.

"We've made some fairly minor adjustments to the U-S balance sheet, pulled back our feed and residual estimate a little bit , that reflects new information that came out of the March stocks report and also from the fact there are an abundant corn supplies that will likely reduce the need for wheat to enter feed rations as much."

He noted wheat export estimates were also pulled back.

"That mainly reflects the fact that our prices have been very strong lately, and that makes us a little bit less competitive on the global market. So, ending stocks are up modestly."

Jakanowski  added he expects wheat prices to rise.

​"This increase in the price forecast is within the context of the fact that roughly 90% of the U-S crop has already been marketed. But prices over the past several weeks has been extremely strong, and strong enough we believe to bump up that seasonal-average market price estimate."

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