Publicly available crop reports are one of the main sources of information about underlying supply and demand in many agricultural markets, but how accurate are the forecasts contributing to these market shifts?
For the week ending June 11, Nebraska temperatures averaged four to eight degrees above normal and were accompanied by dry conditions, according to the USDA’s National Agricultural Statistics Service. Only the southern tip of the Panhandle and a few central counties received significant rain. The warm, dry weather allowed planting and other field work to continue.
Nebraska's 2017 winter wheat crop is forecast at 46.5 million bushels, down 34% from last year's crop, according to USDA's National Agricultural Statistics Service. Nationally, winter wheat production is up less than 1%.