Forecast U.S. production reported in last week’s WASDE report matched trade expectations with a slight increase for spring wheat production, but planted and harvested acres came off another 100,000 acres. The net increase in U.S. wheat production was minor, up just 2 million bushels. There is still time for future production adjustments up or down with the spring wheat planted later, but for now USDA seems right in line.

Globally, plenty of production changes took place this month, but interestingly, ending stocks stayed flat near 267 MMT. Production is now just shy of 800 MMT, a record if realized. Russia’s crop is said to be even larger than USDA’s current estimate of 88 MMT, already up 6.5 MMT from last month.

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