Source: University of Illinois
The USDA's August 12 reports of world and U.S. crop production, consumption, and price prospects paint a picture of potentially strong demand for U.S. crops, with the strongest demand expected for U.S. wheat and the weakest demand for U.S. soybeans, said a University of Illinois Extension agricultural economist.
"The U.S. wheat crop is now forecast at 2.265 billion bushels, reflecting a record yield of 46.9 bushels. The crop is 49 million bushels larger than the 2009 crop even though planted acreage was down 4.8 million acres from that of 2009," said Darrel Good.
According to Good, planted acreage in 2010 was the smallest since 1971, and harvested acreage was the smallest since 2002. At 3.838 billion bushels, total U.S. wheat supplies at the beginning of the 2010-11 marketing year were the largest since 1999-2000.
Original news release