Wheat Year in Review (Domestic): High U.S. Exports Drive Record Prices and Low 2007/08 Ending Stocks

摘要

U.S. wheat supplies were up in 2007/08 as favorable wheat prices at planting time expanded plantings and Great Plains hard red winter wheat production recovered from the severe drought the previous year. Use was up markedly with sharply increased exports, the highest in 15 years. A global shortage of wheat because of low stocks and adverse weather around the world led to a large foreign demand for U.S. wheat and historically low U.S. ending stocks, the lowest since the late 1940's. Reflecting these and other factors, U.S. wheat prices soared. The 2007/08 farm gate season average price (SAP) was $6.48 per bushel. The previous SAP high was $4.55 per bushel in 1995/96.