Stone X Group Chief Commodities Economist Arlan Suderman was expecting the USDA’s spring wheat production estimates to be low, but then, the USDA went lower. “I had one of the lowest trade guesses for wheat at 358 million bushels and the USDA came in 13 million below me. The trade was surprised, but I wasn’t. This shows how bad things are in the Northern Plains and we’ll have to wait until August to see what happens with the corn and soybeans.”
