Spring wheat touched $10 a bushel for the first time since 2012 after extreme drought and heat slashed the production of the grain used to make pizza dough and bagels.
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Overall U.S. production this year fell 44% from 2020 as farmers planted fewer acres, according to the U.S. Department of Agriculture. Yields were skimpy, with North Dakota, the biggest-producing state, shrinking by 32%.
Global wheat supplies are running short in big producing regions worldwide and the U.S. has forecast global stockpiles to end the season at a five-year low.
This season, North America was hit by hot, dry weather, and the spring wheat areas of Russia and Kazakhstan were also hit by drought. That curbed global production of spring wheat by 19 million tons, said Dan Basse, president of consulting AgResource, at the GrainCom conference in Geneva this week.
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