A look at the new crop wheat balance based on the early April Data – 04/10/2022
The new crop US wheat carryout could remain near minimum pipeline levels based on currently available data. The poor state of the US winter wheat crop suggests the total US wheat yield in 2022 will fall below trend even if the US spring wheat crop recovers the 2021 drought. The problems in Eastern Europe promises extra demand for US wheat as both the Ukraine and Russia are major wheat producers and exporters, Bigger wheat crops in major wheat exporters like Canada, Argentina and Australia would ease the pressure on US wheat supplies