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Oklahoma State economist Kim Anderson says Southwest wheat prices are about $1.25 below the 16-year average, with Pond Creek cash wheat at $4.50. The 2025-26 HRW stocks-to-use ratio is projected at 50%, matching the long-run average.
Forward contracts for 2026 harvest delivery trade about 50 cents higher than cash.
Below-average HRW prices and a forward curve pointing to modest gains give feed buyers a cheap wheat outlook for 2026. Stocks-to-use at the average suggests no major supply shock is driving the discount.
farmprogress.comKim AndersonNov 18, 2025Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
