Given the strong prices reported as of recent, there is a lot of speculation of what’s going to happen to wheat acreage in the upcoming season.
Last year’s average wheat price was $4.59 a bushel. Last week, prices were well over $6.00.
Last year U.S. wheat growers planted the lowest acreage ever reported. USDA Outlook Chairman Mark Jekanowski, was asked if that trend of lower wheat acreage may change in 2021.
“It gets hard to talk about implications for wheat acreage given that prices for commodities that have competing uses of that land are also up pretty strongly as well.”
And Jekanowski said the decision on planting can involve much more than just price.
“So it’s still always going to come down to whatever crops that individual farmers are most competitive at, based on their expertise, based on their land characteristics, etc.”
Jekanowski added it’s also based on the price at planting time and the price forecast at the time of harvest.
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