Wheat prices have remained volatile, with the bear news of the 2023 USDA acreage and stocks report. Rain fell on the corn belt, and wheat prices dropped 50-97 cents last week.
On the Montana side, the situation is mixed with bears and bulls. There will be plenty of barley for feed and malt, with a 21% increase in planted acres over last year. Winter wheat acreage is down to 1.9 million acres, spring wheat up to 2.8 million acres, and the head-scratching durum acreage is down from last year at 620,000 acres. Limited durum export opportunities keep the price at par with spring wheat in the $7.50-$8.00 BU cash range.
All wheat stocks in Montana are up 27% from a year ago. Durum stocks surged up 76% from last year as producers wait for that magic price, driven by exports into the EU.
Many producers are patiently waiting, tuning up their combines, fishing, hiking, and hoping for one or two more big rains before harvest. The basis is rising rapidly in the wrong direction, as much as $-1.50.
