March Chicago Wheat Price Forecast
The accompanying table displays a March Chicago wheat forecast range as anchored to March corn. We have adjusted wheat and corn prices to the 2022 price level based on the implicit GNP deflator. The Tables assume USDA’ s wheat supply/usage table as published in the October WASDE report .
The model developed for the price table accounts for 88% of the variation in the historical high data and 97% of the variation in the lows data.
| US Wheat Supply/Usage Million Bu./ Acres | |||
| Crop Years | 2020/21 | 2021/22 | 2022/23 |
| Planted | 44.5 | 46.7 | 45.7 |
| Harvest | 36.8 | 37.1 | 35.5 |
| Yield/bushels | 49.7 | 44.3 | 46.5 |
| Beg. Stock | 1028 | 845 | 669 |
| Prod | 1828 | 1646 | 1650 |
| Imports | 100 | 95 | 120 |
| Supply | 2956 | 2587 | 2439 |
| Food | 961 | 972 | 970 |
| Seed | 64 | 60 | 68 |
| Feed | 93 | 86 | 50 |
| Domestic | 1117 | 1117 | 1088 |
| Exports | 994 | 800 | 775 |
| Total | 2111 | 1917 | 1863 |
| Carryout | 845 | 669 | 576 |
| Carryout%use | 40.0% | 34.9% | 30.9% |
| October 2022 | Data | ||
| March Chicago Wheat Fall Winter Price Range $/bushel | |||
| March Corn | High | Low | |
| $6.0 | $9.8 | $6.6 | |
| $6.5 | $10.3 | $6.9 | |
| $7.0 | $10.8 | $7.2 | |
| $7.5 | $11.3 | $7.6 | |
| $8.0 | $11.8 | $7.9 | |
| $8.5 | $12.3 | $8.3 | |
| $9.0 | $12.8 | $8.6 | |
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Corn & wheat Prices adjusted to 2022 equ.
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