From staff reports OKLAHOMA CITY – With 90 days until the next wheat harvest, Oklahoma State University Extension grain market economist Kim Anderson discusses grain market pricing. From 2009 until now, Anderson said wheat prices have averaged $5.84, with the low est price in July of 2016 at $2.55, a nd the highest in 2022.
“Wheat prices have come back down and crossed that magic six-dollar line,” Anderson said. “It tends to trend above or below $6.00. Right now, with wheat prices down around $5.00, it looks like we may be starting a price pattern down in the $4.00 to $6.00 price range.”
Anderson says U.S. stocks are close to the worldwide average. “U.S. stocks to use is a lit tle below average so you would expect prices to be up around that $5.84, however, when you look into ’24, right now, current projections are for U.S. stocks to use ratio for wheat to go to average or above average.”
Due to significantly improved crop conditions, Anderson expects to see higher production this year, which may support slightly lower wheat prices.