U.S. government says wheat production to decline sharply
The U.S. Agriculture Department said on Friday that the nation's wheat production will decline sharply this year.
According to the latest monthly crop report released by the department, the forecast of winter wheat production of this year is estimated at 1.26 billion bushels, down by 16 percent from last year's production.
The report also said that U.S. winter wheat harvest is in full swing in Texas and Oklahoma, where production has plunged to lows not seen for decades,
The latest U.S. wheat production forecasts also dropped by 4 percent from the estimates made in last month while price estimates increased by 10 cents a bushels over last month to 3.60 dollars to 4.20 dollars per bushel.
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