Soft White Wheat crop looks better this year
Analysis of the wheat market since February has been underscored by volatility, and no less so for the U.S. soft white (SW) wheat market. The sudden exit of Ukraine from the export market and the uncertainty of Russia’s wheat exports are recent factors in market volatility. Dry weather is another important consideration for winter wheat markets. The most recent USDA crop progress report rated 27% of the entire U.S. winter wheat crop as good or excellent, a 3 point drop from last week and the lowest level since 1989 for this time of year. The report encompasses all winter wheat, including SW grown in the Pacific Northwest (PNW). And with summer fast approaching, it is a good time to look at the underlying factors for the 2022 U.S. SW crop.
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