The USDA raised its wheat production estimate 44 million bushels to 1.78 billion bushels on an increase in harvested area and higher yields. The production forecast for the 2022 spring wheat crop indicated a 500 million bushel increase from last year’s drought reduced crop. Durum production is estimated to be up 77 million bushels. The projected season average farm price for wheat is lowered by 25 cents per bushel to $10.50 per bushel.
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.