USDA: June Wheat Production Up

When taking a look at the latest national wheat production numbers, the USDA reported a 1% increase from May numbers.

"High increase in production in the mass crop production report this month," said World Agricultural Outlook Chair, Mark Jekanowski.

He added that contributed to increases in both beginning and ending stocks in the 2020-21 marketing year.

"But all these changes are relatively minor and none of them were in the change in our price expectation so for both the current crop year that's wrapping up and of the new crop year we are forecasting a season average farm price of $4.60 a bushel," Jekanowski noted.

The U.S. wheat production forecast contributes to what is being predicted as a world record wheat crop. Yet, that pales in the June outlook  compared to major month-over-month increase estimated for wheat in both India and Australia. Also, forecasted as record setting for the new marketing year; global ending stocks.

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