The U.S. Department of Agriculture issued an outlook last Friday, projecting an increase of 23 million bushels for the 2013/2014 year. The average farm price is estimated between $6.25 to $7.55 a bushel.
Despite this, global production for 2013/2014 year is going to be down. Russia and surrounding nations are experiencing unseasonably dry weather. Europe is also predicting lower production.
Britain's wheat crop 'down by third after extreme weather' explains the U.K.'s problem is not drought, but rather too much rain. Planting for winter wheat was reduced because of wet conditions. Then rain and snow during the winter decreased the winter crop's yield. The U.K. on average, produces 15 million tons of wheat a year. 7 million is used for food production, with the remainder used for animal feed. On the average, the U.K. is self-sustaining in wheat production. Most of the wheat crop is planted between September and December.
U.K. food companies are planning to modify their products because of a possible shortage of the grain.