With U.S. wheat selling for a record-high average of $9.10 a bushel, growers say they will sow the largest amount of land to wheat in seven years, enough to bump up production by 17 percent.
Boosted by large increases in most sales categories, U.S. farm exports mushroomed to a record $196.4 billion in the fiscal year that ended Sept. 30, according to newly released Commerce Department data.
U.S. growers reaped their second-smallest wheat crop in 20 years due to drought in the Plains, said the Agriculture Department. The smaller-than-expected harvest would delay any American role in restoring grain flows disrupted by the Russian invasion of Ukraine.
The world wheat crop is trending downward, due to a brutal heat wave in India and dry weather in Spain and France, said the Agriculture Department in its monthly WASDE report. Although Russia is expected to sharply increase its exports, more than 12 million tonnes of wheat would be liquidated from global stockpiles over the next year in the face of unrelenting demand for food.
Food regulators approved a genetically modified wheat variety for human consumption in Australia and New Zealand, a victory in the rocky campaign to apply biotechnology to grains directly consumed as part of the diet. No GMO wheat is approved for sale in the United States.
The Biden administration said it would put $500 million into farm supports, boosting U.S. wheat production by up to 18 percent and expanding production of food grains and edible oils in an effort to fill the gap created by warfare in Ukraine.“ This funding is going to help ease rising food prices at home as well as abroad caused by Russia’s war in Ukraine,” said President Biden on Thursday.
The USDA is not considering suggestions that it open the land-idling Conservation Reserve for cropping this year to stabilize grain supplies following Russia’s invasion of Ukraine, said press secretary Kate Waters on Thursday.
If the Biden administration wants to boost U.S. grain production in the wake of Russia’s invasion of Ukraine, it should open the 22 million-acre Conservation Reserve for crop production this year, said a University of Illinois economist on Wednesday. Grain prices have soared on the possibility of Ukraine and Russia, major exporters of wheat and corn, being knocked out of the world market for months.
The U.S. soybean hit parade, with record production in 2016, 2017, and 2018, will continue this year with the largest crop ever, the government forecast on Tuesday with the harvest in full swing. A late-summer surge in likely yields per acre prompted the USDA to say the crop will be 2 percent larger than its previous estimate.
At the same time the Taliban are taking control of Afghanistan, its farmers and herders, the backbone of the nation's economy, are hit by an ever-worsening drought, said the UN Food and Agriculture Organization. The wheat crop is 15 percent below average while livestock herders may have to sell their animals because of high feed costs.
U.S. farmers will reap two of their largest-ever corn and soybean crops, the first step to assuring an abundant food supply, the government said on Thursday, despite drought damage in the northern Plains and upper Midwest. The wheat crop, meanwhile, will be the smallest in 19 years.
U.S. farmers will reap two of their largest corn and soybean crops ever and sell them for the highest average prices since the commodity boom ended several years ago, said the government Wednesday in its first projections of the fall harvest. The USDA also said that global soybean king Brazil would increase its share of the world market at the expense of U.S. exports.
Large swaths of Iowa, Wisconsin, Illinois, Indiana, and Ohio are abnormally dry and most of Michigan is in moderate drought due to limited spring precipitation, said the weekly Drought Monitor on Thursday. Arid conditions covered 48 percent of the Midwest, the heart of U.S. corn and soybean production.
U.S. farmers will plant less corn and soybean land than expected this year, despite a surge in commodity prices, suggesting that tighter grain supplies will persist into 2022, said the USDA on Wednesday. Although with normal weather and yields, the corn and soybean harvests could be the second largest ever, they will not be quite as large as projected by traders and the government.
World wheat production will rise for the third year in a row, with growers harvesting a record-large crop this year, say forecasts from the UN Food and Agriculture Organization and the International Grains Council. While they differ slightly on how large the new crop, months away from harvest, will be, they agree Europe will be key.
Recent increases in market prices are making soybeans more attractive, and farmers will respond by expanding soybean acreage by nearly 5 percent in 2021 while holding steady on corn acreage, said Farm Futures on Wednesday.
U.S. farmers are looking at their largest corn crop ever and a near-record soybean harvest, with huge stockpiles of both crops persisting into fall 2021, said the USDA on Wednesday. Some 2.8 billion bushels of corn would remain in the bin when next year's crop is mature, the largest carry-over since the Reagan era.
With a rebound in U.S. production, the world soybean crop will be a record 364 million tonnes in 2020/21, up 8 percent from this season, said the International Grains Council on Thursday. Record-setting corn and wheat crops were also forecast for 2020/21.
World grain production will reach an all-time high of 2.23 billion tonnes, with record-setting wheat and corn harvests, said the International Grains Council on Thursday. The global inventory of all grains will rise for the first time in four years.