Don’t Call It A Comeback

When the USDA released its January crop production report, one of the statistics that made USDA Chief Economist Seth Meyer sit up and take note, was the large increase in planted winter wheat acres.

“Second year in a row that we’ve seen increasing wheat acres over a long-term decline.  Have we broken that long-term decline?  I’m not sure that we’ve broken it.”

Meyer noted this rebound should not come as a complete surprise, especially when looking at the prices wheat growers have enjoyed as of recent.

“Way back in late 2020 when prices began to turn it was wheat being dragged along.  We’ve seen wheat grow its own legs and start to carry itself in the last several quarters so, perhaps not a surprise.  At least a little bit of the rebound in wheat acres.  I’m not ready to call this a revival of wheat acres in the United States yet.”

The USDA estimated 34.4 million acres of winter wheat were planted for the 2022 crop year.

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