Wheat production may be overstated in the July USDA report not accounting for damage from record setting heat in the Great Plains.
The USDA this morning released a new wheat forecast. Winter wheat production was projected at 1.67 billion bushels and 1% less than a month ago. The 2012 harvest would still be 12% higher than last year’s drought-reduced production. Higher wheat plantings, up 8% on the season, also contributed to increased production this season.
The USDA predicted a favorable yield in Kansas up 4% over trend in the 2012 harvest... subscribers continue to full story...