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Upward pressure building in wheat market

A University of Missouri ag economist says upward pressure is building in the wheat market.

Ben Brown tells Brownfield the global wheat picture is tight and getting tighter.

“Canada coming in two million metric tons lower than what they were expecting last month,” he said. “You know, we’ve known that that crop is struggling. That continues to tighten the world balance sheet.”

Brown said the drop in estimated spring wheat production is adding upward pressure into the market.

“It likely means that there’s less wheat being fed in places like Oklahoma, Kansas and Nebraska and more corn or dried distillers’ grains being fed,” he said.

Brown said an upward move for wheat prices would likely take corn with it.