The US Department of Agriculture’s Economic Research Service (ERS) has revised down its figures for all US wheat exports for the 2018-2019 marketing year by 25 million bushels, to one billion bushels. As of Nov. 25, just 86 percent of the winter wheat crop was emerged, compared to the five-year average of 92 percent. This is a huge drop from last year’s estimate of 1.35 billion, and it comes as the USDA prepares to release its latest crop report on June 1. Despite the downward revision, the National Agricultural Statistics Service said it expected to see a five-cent increase on the season-average midpoint price to $5.15 per bushel.
The US Department of Agriculture’s Economic Research Service (ERS) has revised down its figures for all US wheat exports for the 2018-2019 marketing year by 25 million bushels, to one billion bushels. This is a huge drop from last year’s estimate of 1.35 billion, and it comes as the USDA prepares to release its latest crop report on June 1. Despite the downward revision, the National Agricultural Statistics Service said it expected to see a five-cent increase on the season-average midpoint price to $5.15 per bushel.