Wheat
One private forecaster sees global wheat production lower than USDA
USDA pegged new crop corn ending stocks at 1.790 billion bu., well below the average pre-report estimate of 1.873 billion bu. World ending stocks for corn, soybeans and wheat also landed below expectations.
U.S. wheat harvested acres are at a 149-year low as corn and soybeans dominate. Policy shifts, global competition, and profitability gaps are reshaping American agriculture.
Corn acres landed above the average pre-report estimate, though lighter-than-expected June 1 stocks are supportive. Wheat acreage and stocks were mostly short of average pre-report estimates.
The region produced more wheat than anywhere else in the world last crop year
Analysts anticipate little change in U.S. balance sheets.
Corn makes a mild gain while soybeans slip
Ben Rand of Blue Line Futures says an unprecedented Western drought is shrinking crops, drying up wells, tightening hay supplies and accelerating cattle herd liquidation across the region
Meteorologists map out the timeline for U.S. weather changes while warning of severe production threats for global competitors in Australia, Brazil, and India.
Agricultural commodities are getting attention as a hedge against inflation and a proxy for rising energy costs