U.S. all-wheat production in 2018 was forecast at 1.821 billion bushels, up 80 million bushels, or 4.6%, from 1.741 billion bushels in 2017. Projected production for 2018 was based on a survey estimate for winter wheat of 1.192 billion bushels, down 6% from 1.269 billion bushels in 2017, and trendline projections for durum and other spring wheat 629 million bushels, up 33% from 2017.
USDA 2019 carryover projections for corn and wheat were above the average of trade expectations while the soybean projection was well below the trade average. USDA production forecasts for corn and soybeans were below the average of trade expectations while the wheat production forecast was above the trade average.
Wheat futures traded lower after the report while corn futures posted narrow, mostly lower changes and soybean futures edged higher.