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DTN's HRW cash wheat index stood at $3.89 a bushel on May 2, about 24% below USDA's estimated production cost. U.S. winter wheat plantings of 31.5 million acres are the lowest in over 100 years, and Kansas acreage is the lowest since 1910.
Early tour reports noted rust in south-central Kansas and nutrient deficiencies in many fields.
Record-low acreage and below-cost prices point to tighter future HRW supply, though low prices also pressure producers to cut inputs. Cash prices near these levels may find some support.
dtnpf.comTodd HultmanMay 3, 2019Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
