BUSINESS

World wheat shortages an opportunity for Utah farmers

Mar 11, 2022, 1:07 PM
World wheat shortages might be an opportunity for Utah farmers....
The Russian invasion of Ukraine is expected to impact wheat production. That might provide opportunities for Utah farmers. Photo credit: Jeffrey D. Allred, Deseret News

SALT LAKE CITY — Ukraine and Russia are both among the world’s top producers of wheat for export. The war is expected to reduce the amount of wheat they produce this year, and that could be an opportunity for farmers in the United States and Utah.

Ryan Larsen, an associate professor and farm management extension specialist with Utah State University, said the price of wheat has risen dramatically on world markets. He said farmers used to think they were doing well when they could get five to six dollars a bushel for wheat.

“We don’t know where the ceiling is on wheat prices as we look at futures. Eleven, twelve, you know, thirteen dollar wheat. We may get higher, up into fifteen,” Larsen told KSL NewsRadio.

That doesn’t mean a windfall is waiting for producers here in Utah.

“Farmers are still going to have tight profit margins in some areas, just because of high fertilizer prices, high fuel prices, high labor. I mean, this is definitely not just gonna be an easy year,” Larsen said.

Much of Utah’s wheat is produced on dry farms, where the expected shortage of irrigation water this year is less of a problem. But Larsen said an abundant crop still depends on spring rains.

“We are coming in with a little soil moisture that was not there last year, which will definitely help crop production,” he said. “It just hinges on those spring rains that hopefully will come and just get those crops going.”

Larsen said a wheat terminal in Ogden and good connections to ports in the Pacific Northwest put Utah in a good position to send its wheat and other crops to world markets.

“We can get wheat to market really quick,” he added.

Related:

 

Business

the Fed...
Aimee Cobabe

Goldman Sachs warns of potential recession in the next two years

Goldman Sachs predicts there’s a 35 percent chance we’ll have a recession in the next 2 years. 
2 months ago
oil and gas leases...
Dan Bammes

BLM plans to sell new oil and gas leases after moratorium

This is the first time the Biden administration has allowed oil and gas lease sales since it took office.
2 months ago
cheeseburger inflation...
Curt Gresseth

Why does my cheeseburger cost so much? Most ingredients touched by inflation.

A reporter joined the show and walked us through the reasons that popular cheeseburger ingredients have jumped in price since March of 2021.
2 months ago
ogden IRS 25th street home prices rising...
Devin Oldroyd

Ogden man sentenced to federal prison for failure to pay the IRS

The IRS said Daniel Fry, 46, owned and ran four now-closed healthcare-related businesses in the Ogden area.
2 months ago
utah employment...
Simone Seikaly

Utah unemployment falls again, rests at 2% for March 2022

Officials say that the Utah unemployment rate mirrors job growth in the state, and the only one jobs sector has remained stagnant.
2 months ago
Woman walks past Google sign, which brought economic activity to Utah....
Samantha Herrera

Google brought billions of economic activity to Utah

The tech company brought over $9 billion in economic activity to the state in 2021. Almost 200,000 local companies used Google's many services.
3 months ago

Sponsored Articles

Prescription opioid...
Know Your Script

Prescription opioid misuse | How to protect your family from the opioid epidemic

Studies have shown that prescription opioid misuse has increased since COVID-19. So what do you need to know about these opioids?
...

Tax Tuesday: The Most Common Mistakes People Make When Filing Their Taxes

Fortunately, for most average earners, they will not end up owing overpayments received for the Child Tax Credit in 2021.
...

Tax Tuesday: How will last year’s child tax credits affect you?

Fortunately, for most average earners, they will not end up owing overpayments received for the Child Tax Credit in 2021.
...

Tax Tuesday: Key Information Before the Filing Deadline

Businesses can receive a credit of up to $5,000 per employee in 2020 and up to $21,000 per employee in 2021.
national heart month...
Intermountain Healthcare

National Heart Month: 5 Lifestyle Changes to Make Today to Keep You Heart Healthy

Heart disease is the leading cause of death for both men and women. One person dies every 36 seconds in the United States from cardiovascular disease
Joseph Smith Memorial Building...
Temple Square

The Joseph Smith Memorial Building is an icon of Salt Lake City | Why hosting an event at this beautiful location will make you a hero this year

Here's why hosting an event at the iconic Joseph Smith Memorial Building in downtown Salt Lake City will make you a hero this year.
World wheat shortages an opportunity for Utah farmers