Wheat production up from May forecast
USDA’s Friday crop report showed winter wheat production in the United States up less than one percent from the May 1 forecast but down 25 percent from 2016.
Based on June 1 conditions, the U.S. yield is forecast at 48.9 bushels per acre, up 0.1 bushel from last month but down 6.4 bushels from last year. If realized, this would be the second highest yield on record for the country, behind only 2016. Hard Red winter production at 743 million bushels, is up 1 percent from last month.
For Illinois, the winter wheat harvested area in 2017 is forecast at 450,000 acres, down 4 percent from the previous year. The state’s winter wheat yield is forecast at 73 bushels per acre, down 1 bushel from 2016. Illinois production is forecast at 32.9 million bushels, which is 6 percent below the previous year.
All of the wheat markets were lower on Friday due to the bearish USDA report and better precipitation chances for some areas. Corn and soybean prices found support at the end of the week due to weather concerns.