U.S. Wheat Swings on Smallest Crop Since 1970s as Imports Rise
Updated
Updated · brownfieldagnews.com · May 14
U.S. Wheat Swings on Smallest Crop Since 1970s as Imports Rise
4 articles · Updated · brownfieldagnews.com · May 14
USDA’s forecast for the smallest U.S. wheat crop since the 1970s sent prices sharply higher before they retreated, leaving traders braced for more volatility.
Hard red winter wheat tour results largely confirmed the government’s smaller-crop outlook, but U.S. wheat is still trading at a premium to much of the world market.
Imports already began last week and are likely to increase as domestic supplies tighten and buyers look for cheaper wheat abroad.
Kansas farmer Adam Baldwin said the uncertainty is making crop marketing difficult, with contract fulfillment looking unlikely if yields keep falling short.
Harvest progress and actual yield results are now the next key tests for whether the market’s violent recalibration continues.
Why are U.S. wheat prices falling despite the smallest domestic crop in 50 years?
As cheap imports rise, is American wheat farming facing a permanent structural decline?