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U.S. spring wheat production projected higher from '04
Production estimates for the 2005 U.S. spring wheat crop are expected to increase by five percent over last year's production totals, according to the latest USDA report.

"USDA is projecting a five percent increase in spring wheat production this year - 552 million bushels versus 525 million bushels last year," said leland "Judge" Barth, marketing specialist for the North Dakota Wheat Commission. Spring wheat production in North Dakota is expected to jump 10 percent, according to Barth, from 244 million bushels last year to 271 million bushels this year.

The figures were based on a survey taken by USDA late last month. "The survey was done the end of June - before the recent warm weather we've been experiencing," Barth said. "The yield number could be revised in the final September production report, but yield prospects still look very good and remain very high."

Current yield estimates call for 43.2 bushels per acre in the U.S. Yield estimates for North Dakota are slightly lower at 41 bushels per acre. "If the production number holds true, this would be the largest U.S. spring wheat crop since 1996," Barth said.

Crop condition ratings continue to be quite high for hard red spring wheat, despite the recent spell of hot weather, according to Barth. The market will begin turning its attention to the start of harvest which is just getting underway in the southern portions of the hard red spring wheat area in South Dakota.

"Cash bids are reluctant to move as the market waits for the new crop to come in," Barth said.

Local cash prices for 14 percent protein spring wheat were ranging from $3.30 to $3.70 with an average of $3.50 per bushel as of July 14.

"Cash basis levels have slipped slightly as elevators and farmers make room for the new crop harvest," Barth said. "Any cash sales prior to the beginning of harvest could pressure the basis even further.

"Buyers of hard red spring wheat are managing their nearby positions as they await the arrival of the 2005 crop," he added.

U.S. spring wheat exports are a little behind last year's sales pace at this point in the marketing year. To date, 74 million bushels have been sold compared to 83 million bushels at this time a year ago.

"The market is making the transition from old crop to new crop," Barth said.
MGR Archive 24.7.2005
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Russia Rapan $ 700
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