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This Year's American Wheat Harvest Has Been Awful

After years of drought came endless rain.

Blades on a Deere & Co. John Deere combine harvester during a wheat harvest in Benfleet, U.K., on Tuesday, Aug. 24, 2021. Global wheat prices jumped after the U.S. shocked markets earlier in the month with a huge cut to Russia’s crop estimate, while there have been worsening production outlooks and quality issues in other major growers.
Blades on a Deere & Co. John Deere combine harvester during a wheat harvest in Benfleet, U.K., on Tuesday, Aug. 24, 2021. Global wheat prices jumped after the U.S. shocked markets earlier in the month with a huge cut to Russia’s crop estimate, while there have been worsening production outlooks and quality issues in other major growers.Photographer: Chris Ratcliffe/Bloomberg

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There are numerous macro factors driving elevated inflation. But in some categories, there also seems to be a lot of bad luck. When it comes to the US wheat market, the weather has been awful. After a long drought, farmers have been faced with an extraordinary amount of rain. As such, the spring planting season has been one of the worst on record. Of course, this comes amid overall bad conditions, with prices already elevated, owing in part to Russia's invasion of Ukraine. So to understand more about what's going on for farmers, we spoke with Angie Setzer, a co-founder of ConsusROI, which helps farmers make planting and hedging decisions.
 

This Year's American Wheat Harvest Ha...