The USDA will release its next round of monthly reports and forecasts Thursday, and we should learn a lot about the wheat crop. USDA’s Board Outlook Chairman, Mark Jekanowski, said first, the USDA will update the winter wheat forecast. Now in the early in stages of harvest he says his analysts will then be forecasting wheat supplies, exports, stocks, and prices based on that US forecast, but also looking at, “wheat production in Northern hemisphere especially Europe and the Black Sea region.”
“A lot of those areas have had some poor weather, drought, in recent months but then more timely rains in some parts recently,” Jekanowski continued. “So we’re going to be digging through all of that weather data and satellite data and see what it tells us or implies to us about the size of completing wheat crops.”
The USDA will release those numbers and much more Thursday at 9 a.m. Pacific.
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