The USDA's Small Grains Summary report, eagerly anticipated in the wheat industry, had an unexpected and significant impact on the market. The report revealed that all wheat production had increased by 10 percent compared to the previous year, exceeding industry expectations.

In terms of planted acres, all wheat amounted to 49.58 million acres, with harvested acres totaling 37.27 million acres. Harvested acres saw an increase of 1.78 million acres compared to the previous year.

The production of hard red winter wheat was reported at 601 million acres, surpassing expectations by 18 million acres and representing an increase of 70 million bushel compared to the previous year.

Soft red winter wheat production was forecasted at 449 million bushels, which was 9 billion higher than the pre-report forecast.

Spring wheat production stood at 504.9 million bushels, also exceeding pre-report expectations. Spring wheat acreage planted amounted to 11.2 million acres, with harvested acres reaching 10.99 million acres.

Durum wheat production was recorded at 59.3 million bushels, with a yield of 37 bushels per acre. Planted durum acreage was 1.68 million acres, and harvested acres were 1.6 million.

In Montana, growers experienced improved production after two years of widespread drought. All wheat production in Montana reached an estimated 186.71 million bushels, marking a 34 percent increase from 2022 and an 85 percent increase from 2021. The yield for all wheat was 37.2 bushels per acre, representing an increase of 8.9 bushel compared to the previous year.

Winter wheat producers had planted 1.85 million acres in the fall of 2022 for the 2023 harvest, down from the 2.05 million acres planted for the previous year's crop. The area harvested for grain decreased by 120,000 acres compared to the previous year, totaling 1.68 million acres in 2023. Winter wheat production was estimated at 85.68 million bushels, marking a 44 percent increase from the 59.40 million-bushel crop produced in the previous year. Winter wheat yield reached 51.0 bushels per acre, up 18.0 bushels from the previous year, equaling the record high yield established in 2020.

Spring wheat seedings remained unchanged from the previous year at 2.70 million acres. The area harvested totaled 2.67 million acres, up from 2.44 million acres harvested the previous year. Spring wheat production was estimated at 80.10 million bushels, marking a 31 percent increase from the 61.00-million-bushel crop produced the previous year. Spring wheat yield reached 30.0 bushels per acre, up 5.0 bushels compared to the previous year.

Durum wheat seedings amounted to 705,000 acres, a decrease of 5,000 acres from the previous year. Harvested area remained unchanged from the previous year, totaling 675,000 acres. Durum wheat production was estimated at 20.93 million bushels, marking an 11 percent increase from the 18.90-million-bushel crop produced the previous year. Durum wheat yield reached 31.0 bushels per acre, up 3.0 bushels.