Corn and soybean growers are not the only ones facing lower prices right now; wheat growers are also looking to be in the same boat. An analysis by Reuters shows what might be the cause.
When the war in Ukraine began, the Biden Administration pushed to increase U.S. wheat plantings as a way to lower food inflation; however, grain continued to flow out of Ukraine, and prices are now standing around four-year lows.
The White House plan surrounded double cropping and crop insurance, but wheat prices fell during the planning stages. Farmers were also reluctant to alter crops unless the payout was worth it.
The U.S. Department of Agriculture (USDA) forecasts the U.S. wheat crop to be around 11 percent over last year, which comes out to around 2 billion bushels. According to the USDA’s Outlook Board, that keeps pressure on prices, and they are closely watching supplies leaving the Black Sea region.
“Russia and Ukraine are still exporting a lot, so the Black Sea supplies are relatively abundant, especially for the old crop,” said USDA Economist Mark Jekanowski. “We raised our Russian wheat export forecast for the old crop by 1.5 million tons to a new record of 55.5 million tons. For the new crop year, overall production will be, you know, currently forecast to be up about 7.2 Million tons. So yeah, a lot of competition out there and keeping pressure on price
The next WASDE report is out on August 12, and at that time, we should have a better idea of supplies across the globe. Stay with RFD-TV News and The Market Day Report for updates on this developing situation.
Here are the top agriculture news headlines from RFD-TV News today (Friday, March 21, 2025) and the top trending stories on RFD-TV News.
March 21, 2025 01:33 PM
·
“All our bill would do is go back to the way things were for decades prior to the Obama-era regulation...”
March 21, 2025 10:40 AM
·
Here are the top agriculture news headlines from RFD-TV News today (Thursday, March 20, 2025) and the top trending stories on RFD-TV News.
March 20, 2025 02:48 PM
·
Let’s check back in with Iowa Soybean FarmHER April Hemmes for Women’s History Month this year after she was featured on FarmHER Season 1.
March 20, 2025 11:17 AM
·
Here are the top agriculture news headlines from RFD-TV News today (Wednesday, March 19, 2025) and the top trending stories on RFD-TV News.
March 19, 2025 12:56 PM
·
Retaliatory tariffs have left Louisiana rice farmers in the middle of international trade disputes.
March 19, 2025 12:45 PM
·
In a call with reporters on Tuesday, RFD-TV News reporter Lily Raby asked Senate Ag Committee member Sen. Chuck Grassley (R-IA) for his opinion on Des Moines school leaders’ decisions to halt ag education programs, which also threatens the future of the city’s FFA chapter.
March 18, 2025 11:40 AM
·
Here are the top agriculture news headlines from RFD-TV News today (Monday, March 17, 2025) and the top trending stories on RFD-TV News.
March 17, 2025 12:11 PM
·
