The recent 2019 Wheat Quality Council Hard Winter Wheat Tour uncovered what the trade expected from farmers this season; a decent wheat crop.
Kansas yields were estimated at 47.2 bushels per acre with a total crop 306.5 million bushels. Despite the smallest acreage in roughly 100 years, markets are struggling to find a silver lining for wheat.
The latest crop progress report from USDA shows only 14 percent of the Kansas winter wheat crop has headed. The five-year average is 41 percent.
"That's just due to late planting and a little longer winter than what we had expected," says Georgy. "The bigger issue that we have for wheat is the fact that we have over a billion [bushel] carry out."
Georgy says globally there's still a big pile of wheat and that's keeping prices down.
"There's a point where [wheat] becomes cheap," says Georgy. "We need to watch the export sales and see when we're a value."
Georgy says he thinks markets are nearing that point.
Listen to his complete comments on the wheat market in the video above.