The current tight global wheat market is a dynamic that is here to stay. For the most recent five years, global wheat consumption has increased by 7 percent and world trade in wheat has grown by 18.4 percent to keep up with it. Meanwhile, the global area harvested for wheat has only increased by 2.9 percent and average global yield by just 4.4 percent. There is not a lot of area suitable for expanding wheat production. Of the big producing countries, only Australia has added any meaningful area, up 27 percent from 10.4 to 13.2 million hectares. And Brazil, one of the smaller producers, has increased area by 60 percent to 3.20 Mha. However, most producing countries are basically flat for these important metrics. A boost in yield will requir...

TAGS – Wheat, North America