May 12, 2022

Global Wheat Crops Threatened by Extreme Weather

Dryness threatens both French growers and U.S. Central Plains

With a war blocking Ukrainian wheat exports and increasing the price of food around the world, the global wheat harvest is facing an additional test: extreme weather.

According to a report from Bloomberg, droughts, flooding and heatwaves threaten output from the U.S. to France and India, compounding shrinking production in Ukraine.

Just about every major producing region is facing one threat or another. The one exception is Russia, which is experiencing a bumper crop and stands to benefit from the rising prices and limited supply elsewhere.

Wheat crops hit hard around the globe

China’s winter wheat harvest next month is one of the big uncertainties in a global economy already struggling with high commodity prices, particularly in regions heavily dependent on crops from Russia and Ukraine, reports the New York Times.

And Reuters reports that Argentina’s wheat harvest for the 2022/23 season is expected to be around 19 million tonnes, down from the 22.1 million tonnes harvested in the previous season, the Rosario Grains Exchange (BCR) said on Wednesday.

Farm office FranceAgriMer on Wednesday lowered its forecast of French soft wheat exports this season, citing ebbing international demand, while warning rain was urgently needed to avoid damage to cereal crops ahead of this summer’s harvest.

USDA Global Crop Report

Grain traders are focused on the release of the monthly U.S. Department of Agriculture (USDA) global crop report due on Thursday. It will include the first official supply and demand estimates for 2022/23, the new crop year.

The report will also update forecasts for Ukraine’s crop exports after Russia’s invasion and for production in drought-affected regions such as Brazil and the European Union.

Feed & Grain Staff

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Marketwatch: May, 28

US Corn Price Idx: ZCPAUS.CM

open: 7.6273
high: 7.741
low: 7.6223
close: 7.7113

US Soybean Price Idx: ZSPAUS.CM

open: 16.9414
high: 17.1044
low: 16.9237
close: 16.9795

US Hard Red Winter Wheat Price Idx: KEPAUS.CM

open: 11.718
high: 11.9549
low: 11.658
close: 11.7977

US Soft Red Winter Wheat Price Idx: ZWPAUS.CM

open: 10.8628
high: 11.0906
low: 10.8128
close: 10.9646