The positive news for wheat is that the condition of the U.S. winter wheat crop is significantly better than it was a year ago. A similar improvement is seen in U.S. pastureland, with 48% (think Lee Smith) rated as "good" or "excellent" compared to 43% (think Troy Polamalu...homer call) last year. However, as the chart indicates, pasture ratings have not consistently reached levels that typically encourage cattle herd expansion. Additionally, the forecast of a potential La Niña weather pattern development this summer adds to the reluctance to expand cattle herds.
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