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U.S. Wheat Production Forecast at Historic Low
USDA's National Agricultural Statistics Service released updated wheat production forecasts in the August 12 Crop Production report. This month, U.S. all wheat production is lowered 6 million bushels to 1,531 million bushels, the lowest since 1970/71. This month’s production revision is mainly accounted for by reductions to Hard Red Winter (HRW) and Durum, with an increase for White wheat only partly offsetting. This year’s small crop is a product of long-term decline in U.S. wheat acreage and widespread drought impacts on HRW production in the Great Plains States. Total wheat supplies are forecast down 13 percent from the previous year, with larger beginning stocks dampening the effect of the smaller crop. U.S. wheat exports are forecast unchanged at 775 million bushels this month, down 15 percent from the previous year.