Saturation continues on the global wheat market, with little chance for a break without some type of weather failure in the spring and summer.
Economist Dan Basse of AgResource Company says winter wheat plantings were down two million acres in the U.S. this year, with more farmers likely gravitating toward higher yielding crops this growing season.
Basse says yield is going to be the only real chance for the farmer to make money this year.
"He wants to produce the crop that produces the biggest supply," he says, "and so most farmers here in the U.S. will gravitate to corn. We think corn acreage in the U.S. will be up two to three million acres. Soybeans will be followed, and then of course, spring wheat and winter wheat, but globally, we expect all wheat production to be down about 10 million tonnes."
Source : PortageOnline