Economic Value – Soft Red Wheat 07/19/2021

Published by David Tedrow on

 

In the July WAOB report the USDA forecast the 2021/2022 US wheat carryout at  665 million bushels or 32% of crop year usage.compared to 44% a year ago. We have prepared two scatter studies showing the August/November high and low for soft red wheat as a function of the carryout to usage ratio as forecast by USDA in the autumn. There is room for the USDA forecast to tighten (a shift to the left) this fall as the current US wheat usage forecasts are conservative.   

Categories: Grains