Grain analysts are being blunt about wheat prices lately, but they say there is some hope on the horizon.
Grain Economist Kim Anderson with Oklahoma State University tells the Oklahoma Farm Report “Wheat is continuing to go in the tank.” Around a month ago, prices were at $5.81, and last week, they hit $5.17. Now, they are hovering around $5.30.
While the prices have continued to slide lately, he says there could be some hope. Anderson believes the wheat market could get back up to as much as $5.70, and USDA economists are expecting U.S. wheat exports to go up.
“On the U.S. side of the wheat balance sheet, the outlook for 2024-25 is for steady food use, rising exports, and a higher carryout. Exports are projected to reach 775,000,000 bushels in the out year, up 7% from the 52-year low export number that is expected in the current crop year.”
Ending stocks are also expected to climb for the 2024-25 season. USDA estimates they will go up 17 percent. That said, they expect the season to end around $6 per bushel, which would be well over a dollar lower from the 2023-24 crop year. It would also make it the lowest level in four years.
