Courtesy of Michael Anderson, U.S. Wheat Associates Market Analyst
U.S. Wheat Associates represents the interests of wheat farmers in export markets. Each time the USW Board of Directors meet, we report on the latest market information that affects the U.S. wheat marketing environment. At their meeting the week of Jan. 10, our directors will see continued fundamental support for wheat prices from greater demand worldwide and lower production in major exporting countries.
The next USDA World Agriculture Supply and Demand Report will be released on Jan. 12. Ahead of that report, USDA pegs 2021-22 world wheat production at a record 777.89 million metric tons (MMT), 3% above the 5-year average of 757.4 MMT. Total global supplies are forecast to reach 1,068 MMT, slightly lower than last year. USDA noted lower wheat production in Canada, Russia, and the United States, which all experienced drought in the 2021 growing season. Read the full article here.