While US wheat exports are faring well (see feature article by US Wheat Associates), wheat production globally is coming under extreme duress.
The major challenge is that of Russia’s invasion of Ukraine, choking off wheat exports from Ukraine. Between the two countries, nearly 30% of wheat exports derive from that region. Ukraine cannot get its wheat and other exports out due to Russia’s blockade of its ports.
Russia, on the other hand, is shaping up for a bumper crop of wheat, which benefits from rising prices and limited supplies.
Elsewhere in Europe, dry weather is a threat to wheat crops. Temperatures in France have risen to unseasonable levels this Spring, looking to hinder wheat production there.
Other regions of the world face similar restrictions, pushing wheat prices higher and limiting supplies.