At a marketing webinar hosted by the Northern Crops Institute, The Money Farm founder Mike Kruger said global wheat production issues in Australia and the European Union could imply tight world supplies and better wheat prices. “Australia’s significant crop problems in the last two years took them out of the export market and the USDA is projecting their production is going to rebound, along with their export forecast,” said Kruger. “The most critical time for Australian crop production is in September, October or November time frame. We’ll see what happens.” The European Union’s wheat crop also had some weather challenges. “Some of those scenarios create some opportunities for U.S. wheat exports to be larger than we think. That’s why I’m more optimistic about wheat prices increasing instead of corn.”
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