The Wheat Quality Council’s tour of North Dakota this week featured a state-wide HRS yield of 47.1 BPA, vs. a tour yield of 49.1 a year ago. This was perhaps slightly above expectations but is exactly in line with NASS’s estimate in its July report. Like its tour of KS, the WQC has an excellent…
The monthly supply and disappearance estimates in the table above (red font) are formulated based on the July WASDE’s annual estimates, cumulative supply and disappearance figures, and forward projections based on seasonal production and disappearance trends. On the supply side, the USDA’s production forecast has been unchanged for the last 5 months at 26,195…
It’s the wrong year to lose even partial access to the Black Sea’s wheat surplus. Russia in 22/23 was able to supply the world with record tonnages of wheat due to record output, but in 2023/24 the situation is even more precarious. USDA in its July report pegged non-Black Sea exporter wheat stocks/use at a…
Midwest weather in the last 2 years has been near ideal for growing crops with regular rains and average to below-average temperatures. The 2023 growing season has been more mixed. Planting progress sped ahead, but May and June rains were 30-65% below normal. The drought monitor shows widespread dryness, but early July rainfall avoided a…
AgResource’s research suggests that, from a high level, the raw material bull cycle remains intact as food and energy supply issues won’t be solved in 2023/24. The USDA in its July WASDE projected major crop production to be 2.64 billion MTs, up 89 million from last year and 51 million tons above projected global consumption.…
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