Record U.S. North Dakota wheat yield forecasts in 2024 could mean an increase in U.S. grain supply and a decrease in food inflation, industry analysts say, news portal Agriculture reported on July 30.
Dozens of wheat traders, millers and bakers fanned out across the state this week as part of the annual crop tour.Bloomberg’s Michael Hirtzer reported. — They saw lush wheat fields with tall, thick, green plants. Farmers enjoyed a quick spring planting season and adequate rainfall in May and June before the weather turned hot and dry..
According to final data, 15% more of the main durum variety was grown than last year, the highest level since 2016-17. USDA’s Andrew Sowell wrote in a July wheat outlook report that “U.S. wheat production for 2024/25 is projected at 2.008 billion bushels, the largest wheat crop since 2016/17.”. Production increased by 11% compared to the previous year.
Hirzer reported that “Abundant US supply has seen Chicago benchmark futures trade near their lowest levels since 2020.”The analyst said the increased supplies and cheaper grains would be welcomed by food producers, who have struggled for years with declining U.S. acreage and record prices.
Source: Rossa Primavera
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