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Abstract
This report evaluates the U.S. and world wheat markets for the 2014-2023 time period
using the Global Wheat Policy Simulation Model. This analysis is based on a series of
assumptions about general economic conditions, agricultural policies, weather conditions, and
technological change.
Both the U.S. and world wheat economies are predicted to remain relatively healthy for
the next ten years. World demand for both common and durum wheat are expected to remain
strong. The high price levels in 2010, 2011 and early 2012 will not be maintained because they
are the result of a small wheat crop in 2010 and 2012 in the Former Soviet Union (FSU) and
Argentina in 2012. It is expected that wheat production in the FSU will return to normal in the
future. World trade volumes of both durum and common wheat are expected to expand, but trade
volume of common wheat may grow faster than that of durum wheat.