Spring wheat market in free fall
The spring wheat market is in a free fall.
University of Minnesota Extension grain market economist Ed Usset says in less than six weeks prices have fallen more than $2 a bushel.
“Twenty-five percent of the value, it’s really pretty breathtaking to see that market really even collapsing (more) in the last week. Not a good thing for wheat.”
He tells Brownfield there should be some strength in the market based on how poor the spring wheat crop is and continued unrest in the Black Sea region.
“And expecting those issues to show up as greater sales of U.S. wheat, and you know what? We are currently heading for the lowest wheat export number in the U.S. in 50 years.”
Usset says wheat export projections are the lowest since 1971.