Just one year ago, U.S. wheat prices hovered near record highs.
The geopolitical ramifications of Russia’s invasion of Ukraine stoked supply concerns and fears of spiraling food price inflation, and India had just banned wheat exports, further fueling wheat supply fears.
Flash forward to the week of May 2, 2023, Chicago Board of Trade soft red winter wheat (SRW) futures traded at their lowest level since March of 2021 at $5.95/bushel, earning that class the elusive honor of being the cheapest wheat on the world market.
Read the full article from U.S. Wheat Associates' Wheat Letter blog here.