The good news for wheat farmers is that 2016 is a bumper crop with winter wheat harvesters reporting 60, 70, even 80 bushels an acre yields.
The bad news is that wheat growers across the country and around the world are reporting similar record harvests. Estimated amounts are equal to a four-year total of all the wheat harvested in the United States, dropping the demand — and price — of wheat to below the breakeven point for farmers, agricultural experts say.
Russia, Ukraine, Canada, Australia, Argentina and Serbia — nearly all the major wheat-growing regions on the planet — are reporting surplus production. According to the USDA-National Agricultural Statistics Service, global wheat production is expected to exceed 738 million tons this year, a mountain of newly harvested wheat to be added to the Himalayas of ending stocks already on hand.