About 30.8 million acres of winter wheat were planted this season, down 1% from the year before and not much more than the roughly 29.2 million acres that were seeded in 1909, according to the U.S. Department of Agriculture.
The Wall Street Journal reports much of the decline in planted acres has come in recent years, concurrent with Russia’s ascent as the world’s dominant supplier and Midwestern farmers’ turn to more profitable crops, like corn and soybeans.
Prices for March-dated soft red winter wheat traded around multiyear highs this week partly because of diminished production in Australia, fewer plantings in the US and quality issues with recent harvests.
