U.S. Wheat Production Hits Decades-Long Low

The U.S. wheat harvest has been severely impacted by extreme heat and dry conditions, as reported by the National Agricultural Statistics Service. The July crop production report forecasts a yield of 46.7 bushels per acre, a slight decrease from last month and a significant 14.9% drop from the previous year. Production is expected to be 990 million bushels, the lowest since 1963.