Wheat market hitting new lows after a year of record highs
American farmers will likely see lower (much lower) prices for their wheat crop in 2023. The NASDAQ futures market for wheat recently fell below $6.30 per bushel, which is about half of where it stood one year ago.
The Russia / Ukrainian conflict had a major impact on global wheat markets in 2022. Ukraine is one of the world's major small grain producers. According to the European Commission, Ukraine accounts for 10% of the world wheat market and 13% of the barley market.
In the United States, weather concerns about the wheat crop this year have been reduced. Recent rains in the drought-hit Plains region appear to be lowering concerns about hard red winter wheat production. In late April, approx. 74% of the U.S. winter wheat crop was rated in fair to excellent condition.