Just two generations ago, it seemed like everyone either lived on a farm or a ranch, or they knew someone who did. But today, as the number of farm operations, and even acres used for agriculture, continue to fall, that connection is fading.

Chicago wheat closed 9 1/2 cents higher, Kansas City wheat closed 13 1/2 cents higher and Minneapolis wheat 4 1/4 cents higher. Private exporters did not announce any export sales.

Wheat and corn futures steadied after Wednesday’s jump, as markets weigh up escalating tensions in the Black Sea region against burgeoning global supply. Ukraine’s president on Wednesday denied Russian allegations that its government organized an attack on Vladimir Putin’s residence in the Kremlin. The flare-up adds to uncertainty over whether the safe corridor that allows Ukraine to export crops through the Black Sea will be extended beyond May and boosted wheat futures from a two-year low.

After three consecutive years of record-setting wheat crops in Australia, production in marketing year 2023-24 is forecast to dip 25% from the previous year to what would still be the fourth largest total over the last 10 years, according to a Global Agricultural Information Network report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture.

A little over a month before the 2023-24 US wheat marketing year begins, moisture — or the severe lack thereof — is front and center for crop watchers and stakeholders all along the wheat and flour supply chains. Two of the three largest wheat classes grown in the United States — hard red winter and hard red spring — face moisture challenges that may limit yields and production in 2023, tightening stocks and heightening the risk of above-average flour prices into 2024.

Join NAWG’s advocacy campaign to engage with legislators on increasing Market Access Program (MAP) and Foreign Market Development (FMD) programs authorized in the Farm Bill.

Trade needs predictability and the move by several countries in Eastern Europe to block grain and agricultural imports from Ukraine is not beneficial, said traders during a panel discussion hosted by COCERAL, a European association representing trade in cereals, oilseeds, rice, pulses, olive oil, oils and fats, animal feed and agrosupply. “That corridor is crucial for Ukraine and the rest of the world and is under severe threat,” said Philippe Mitko, external relations, Soufflet négoce by Invivo. “Trade needs predictability, otherwise, we’re going nowhere. This corridor needs to be kept whatever it takes.”