Frontier Futures Commodity Broker JR Edmundson thinks a big surprise in the 2021 Small Grains Annual Summary is the other spring wheat category. “USDA came in at 331 million bushels, against an average trade guess of 327 million bushels. I think there are some in the spring wheat world looking for numbers to bring us higher than that. If you take out 35 to 45 million bushels to get just to spring wheat, that would take us to the sub-300 million bushels for production.” That’s something we haven’t seen in a long time. Edmundson says that’s also something with the current stocks picture that can be threatening for spring wheat end-users.
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.