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National & World Ag News Headlines |
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US Wheat Industry's Russian Challenge
USAgNet - 09/20/2023
The US wheat industry has been on a rollercoaster. After two challenging years, US wheat production's showing signs of recovery. Especially in the Midwest, where farmers have harvested the largest soft red winter wheat crop in almost a decade. This variety, used in our favorite snacks like crackers, has seen a 31% growth year-over-year.
Yet, there's a twist. The flood of cheaper wheat from Russia is overshadowing this good news. With Russia's currency declining and their massive wheat harvests, their wheat's been a bargain in global markets. And this is posing a real challenge for the US wheat elevators, who might struggle with profits.
It's not just a US thing either. Other countries are feeling the heat too. Places like Argentina, Canada, and Australia have seen their wheat supply reduce significantly due to drought. And then there's the ongoing Russia-Ukraine conflict that's making Ukraine's wheat supply uncertain.
So, what’s next? Experts suggest that as Russian wheat continues to flood the market and with worldwide wheat stocks dwindling, prices might just surge. For our bakers and millers, blending different wheat types to balance protein levels will be like walking a tightrope.
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