Odd Lots This Year's American Wheat Harvest Has Been Awful
Jun 6, 2022
Angie Setzer, co-founder of ConsusROI, brings her agricultural expertise to discuss the disastrous American wheat harvest. She analyzes the extreme weather challenges, like drought and excessive rain, wreaking havoc on farmers. Setzer also highlights how geopolitical events, particularly the Ukraine conflict, are pushing prices higher. The conversation dives into the complexities of the wheat market, exploring strategies for farmers to navigate the tumultuous landscape and the rise in food inflation affecting consumers.
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Wheat Variety and Importance
- The US grows various wheat classes, including hard red winter, soft red winter, and spring wheat.
- Spring wheat is crucial, but faced drought in key growing areas like the Canadian prairies and US spring wheat regions.
Hard Red Winter Wheat Struggles
- The hard red winter wheat crop is facing significant challenges, with some of the worst ratings on record.
- The USDA has lowered yield expectations, and the crop is anticipated to be one of the smallest since the 1960s.
Wheat Production and Stock Decline
- US wheat production is expected to decrease by 100 million bushels this year.
- Ending stocks are also substantially depleted, particularly for hard red winter wheat, impacting the carryout.