Wheat supplies set to expand with record North Dakota yields
Record wheat yields in North Dakota are boosting U.S. grain supplies, aiding in inflation reduction for food items. Despite lower prices, farmers like Jim Pellman are holding off on sales due to current financial strains and crop disease challenges.
Record-high wheat yields in North Dakota are set to further expand American grain supplies and should help to quell inflation for foods like bagels, where prices had recently started rising again.
“This is as good as we’ve had for the number,” said Dave Green, executive vice president of the Wheat Quality Council, which hosts the crop tour. Benchmark Chicago wheat futures for September delivery traded near $5.30 per bushel as of 8:39 a.m. in Chicago, down more than 25 perceny from a year ago. North Dakota wheat grower Jim Pellman said he’s currently underwater on his fields, with potential crop revenue of about $300 per acre right now, compared with the roughly $450 he needs to break even. That means he’ll wait for prices to improve before selling his crop.Abundant rain and humidity have also allowed a crop fungus to thrive.
Source Link : https://headtopics.com/ph/wheat-supplies-set-to-expand-with-record-north-dakota-yields-56545775
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