Wheat Market Update with a Northwest Bent
The Northwest Farm Credit Services has just posted a nice four page summary of winter and spring wheat conditions in the Pacific Northwest. This growing region includes Washington, Oregon, Idaho and Montana.
The region has been especially cool and wet this spring with most typical harvest delays of at least two weeks. Stripe rust appears to be a large problem this year due to the weather and many growers have had to apply fungicide at least three or more times to combat it.
However, even with the weather issues, most every grower in the region will have an above average crop. For example, growers in Montana that might enjoy 50 to 80 bushel yields are expecting 80 to 100 bushels this year.
I am personally going to help my cousins in the Walla Walla area harvest for a few days next month and I would expect to be harvesting wheat that may approach 140 bushels or more (remember driving a combine is my idea of a vacation).
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
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