In its monthly Wheat Outlook report on Monday, the USDA’s Economic Research Service (ERS) stated that, “The U.S. season-average farm price (SAFP) for 2022/23 is projected to reach a record $10.75 per bushel, supported by tight domestic stocks. “In 2021/22, stock levels declined due to drought conditions in key Hard Red Spring, Durum, and White wheat production areas, which contributed to the smallest U.S. crop since 2002/03.
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In its monthly Wheat Outlook report on Monday, the USDA’s Economic Research Service (ERS) stated that, “The U.S. season-average farm price (SAFP) for 2022/23 is projected to reach a record $10.75 per bushel, supported by tight domestic stocks. “In 2021/22, stock levels declined due to drought conditions in key Hard Red Spring, Durum, and White wheat production areas, which contributed to the smallest U.S. crop since 2002/03. For 2022/23, slightly larger production is projected compared to the previous year but this would still be the second lowest in the last 20 years based on pervasive drought in major Hard Red Winter growing areas.” Turning to global production prospects, ERS noted that, “Global wheat production in 2022/23 is projected to be short of the 2021/22 record at 774.8 million metric tons (MT). While Canada and Russia are projected to rebound from their 2021/22 production declines, Ukraine and Australia are forecasted below their record 2021/22 production. “The United ...
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