Historic wheat futures prices could translate into more soft red winter wheat plantings this fall. At least that's the buzz in the field. Agronomists and seed dealers say that although planting won't start until October, there's rising interest in the crop as growers lock in seed purchases.
Meanwhile the world - as final buyer - wants to see an expansion of global wheat acres to help rebuild tight ending stocks with those pegged at the lowest level since 1981-82. Unfavorable weather in Europe and the Black Sea region has cut production expectations, according to a Dow Jones report.
In the U.S., for example, Ohio producers could seed as much as 900,000 to 1 million acres of the soft red winter wheat, which would be a rise from 870,000 planted last year.
In 2006, U.S. growers raised 390 million bushels of soft red winter wheat, but the 2007 crop is currently only estimated by USDA at 360 million bushels.