Hello Kansas Wheat.
The USDA’s May WASDE update presented their first official look at world balance sheets for the coming new crop year, which the market consumed and then went back to bed. World buyers feel little sense of urgency for anything… a patient “hand-to-mouth” strategy remains intact.
After the Wheat Tour, these NASS HRW production estimates were not much of a surprise:
I believe their initial yield estimates will increase over the summer…
Harvested percentage will change too as we get a better handle on the broken stems and grazing:
The Tour set the scene; NASS dropped the curtain. The Play was banal. The audience dozed.
Source: Kansas Association of Wheat Growers