The Oklahoma Grain and Feed issued their estimate for OK wheat production this year at 54 million bushels, which would be down 20% from last year’s 68.6 million bushel crop. Some estimates are running closer to 45m bu with more freeze damage seen. If realized, this would be the smallest crop since 2014 where we saw production of 47.6m bu and will likely see production estimates in KS continue to drift lower with similar freeze damage being reported. The recent rainfall and additional showers expected over the coming weeks will result in more wheat plowed under with fall crops being planted.
The Federal Reserve added another quarter-point interest rate hike this week as it continues to walk the line between taming inflation and decreasing the health of the banking industry, as more banks continue to fail.