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It might be a while before U.S. wheat is open to the global market
An ag economist is expecting U.S. wheat export levels to remain low for the foreseeable future.
The University of Missouri’s Ben Brown…
“Until we have wheat supply, our wheat exports are going to remain low,” Brown said. “We just don’t have a lot of exportable wheat here in the United States, and especially milling quality exportable wheat.”
And he tells Brownfield it could be some time before adequate wheat supplies hit the market with USDA’s most recent crop progress and condition report rating 36 percent of winter wheat poor to very poor.
“Even though we’ve been hearing in Kansas and Oklahoma, two of the three largest winter wheat producing states, that their quality was not good – Kansas, largely I think, came in relatively where expectations were but maybe it was Oklahoma that surprised people,” he said.
Brown said Ukraine has been able to move a fair amount of its exportable wheat despite the ongoing Russian invasion.
“Most of what’s left to be exported out of the [Black Sea] region is what’s left in Russia, or at least the traditional Russian exports,” he said. “And I expect that wheat to find it’s way in the global market.”
Brown said he expects large wheat importers like India to buy Russia’s supply as it becomes available. Brownfield interviewed Brown during the Brownfield Weekly Commodity Market Update.