Market Outlook

See the the latest Wheat Outlook report.

U.S. Wheat Price Projected at 9-Year High

The 2021/22 Season-Average Farm Price (SAFP) is raised 20 cents per bushel to $6.90 based on the continued strong farmgate prices as reported in the October 29 National Agricultural Statistics Service (NASS) Agricultural Prices report as well as rising futures and cash prices. The September 2021 all-wheat farmgate price was estimated at $7.55, which is up from $7.13 in August 2021 and 63 percent above the $4.73 in September 2020. Through the last month, futures prices have surged higher, reaching contract highs on November 1 before trending down this week. Most notably, the Minneapolis spring wheat contract gained 16 percent from October 1 and reached $10.75 per bushel, the highest since July 2008. This futures rally contributes to the expectation that the farmgate wheat price in the coming months will continue to remain robust.