Crop Report: USA spring wheat production up over 50%, record high for soybeans
Wheat prices were up because of the Ukraine war so farmers planted more wheat and less corn.   But wheat prices have already returned to pre-war levels, and this report will depress them even further.OTOH, fertilizer prices at the time of planting were crazy high.Expenses up, revenue down.   Farmers are going to be in a world of hurt this year.