Jekanowski Highlights Changes To Wheat Balance Sheet

The main alterations on the U.S. balance sheet for wheat come thanks to changes in trade.

"We reduced our import forecast by 10 million bushels; reflecting a slow pace of imports.  This is almost entirely hard red spring and Durham wheat coming from Canada, but supplies in Canada are also very tight," World Ag Outlook Board Chair Mark Jekanowski said the latest USDA forecast also reduced U.S. wheat exports by 15 million bushels.

"The slow observed pace of U.S. exports, the end expectations that Argentina will become more competitive with their larger crop, they're gonna have more export opportunities that are gonna, ya know, put some pressure on our own export prospects.

"Prices are still strong.  We increased our season average market price by $0.10 per bushel, to $7.15 per bushel and we expect prices to continue to strengthen through the balance of the marketing year," Jekanowski noted.

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