U.S. Wheat growers, overall, have enjoyed some price support as of late. First for the 2017-18 marketing year, “We’re now looking at a $4.70 price for the 2017-18 year, up a little from our previous estimate.”
World Agriculture Outlook Board Chair Seth Meyer, noted there are drought concerns for part of the winter wheat crop as a catalyst for that increase. As far as the new marketing year, even with increased harvested area and yields forecasted for 2018-19,
“We think that overall total supply will be down a little bit year-over-year, based upon smaller carrying stocks with fractionally improved export pictures, not a great export number, thinking about it historically, but up year-over-year. And this is going to eat into U.S. carryout stocks and get us bellow one billion bushels.”
And that has pushed the season ending price for wheat 30 cents higher when compared to last year. The mid-point price is now forecast at $5.00 per bushel.
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