Could Wheat Prices Move Higher In Coming Months?

Some potential good news for U.S. wheat growers.

"After five years of wheat supplies exceeding demand, we've hit a year where the opposite is now true on a global level."

And that, according to USDA Chief Economist Seth Meyer, is a recipe for decent prices for wheat. He added by the end this next marketing year, global wheat stocks could be drawn down by 4%, sending prices higher. And average U.S. price for the 2020-21 crop was $5.05 per bushel. For the '21-22 crop; USDA expecting $7.05.

And looking out, the latest USDA Farm Pricing Index report covering November, the average all wheat price was $8.50.

"We might expect that the '22 harvested crop prices will be lower than they are for this current crop, but still really good prices...and maybe strong enough to see that bounce in wheat acreage."

Maybe a three-million-acre bounce in planted acres in 2022; up to 49 million acres.

If you have a story idea for the PNW Ag Network, call (509) 547-1618, or e-mail gvaagen@cherrycreekmedia.com