WOYM – A Look Back at 2024

What You Will Learn In This Episode

- The rebound in Kansas wheat production and its implications
- The competitive landscape of the global wheat market
- The impact of U.S. political changes on trade policies
- Technological advancements in wheat production
- The importance of educational initiatives in the wheat industry

Rebound in Production
Kansas wheat production saw a remarkable rebound in 2024, exceeding 300 million bushels after hitting a low of 200 million bushels in 2023. This recovery is significant, as it marks a return to more stable production levels, which is crucial for both local farmers and the broader market.

Quality of Wheat
The late spring rains played a vital role in enhancing the quality of the wheat crop, resulting in good test weights and an impressive average protein level of 12.4%. This high-quality wheat positions Kansas well for marketing, particularly in the export market.

Competitive Landscape
The U.S. wheat market faces intense competition, especially from countries like Russia, which has established itself as a leading wheat exporter. Despite this, U.S. wheat exports are expected to improve compared to 2023, although there are signs of weakening demand as the year progresses.

Impact of U.S. Elections
The re-election of President Trump is likely to have significant implications for trade policies, particularly concerning tariffs and agricultural protectionism. As the largest buyer of U.S. wheat, any potential trade restrictions with Mexico will be a critical area to watch.

Technological Advancements
2024 marks a pivotal year with the deregulation of GM wheat in the U.S. Additionally, Corteva's announcement of hybrid hard red winter wheat expected by 2027 signals exciting advancements in wheat technology. These developments could enhance productivity and sustainability in the industry.

Educational Initiatives
The groundbreaking of the Global Grain and Food Innovation Center at Kansas State University underscores the importance of research and education in supporting the wheat industry. Such initiatives are essential for fostering innovation and addressing future challenges.

Where They Said It In the Episode:
(00:00:01) - Introduction to the Wheat's On Your Mind podcast and overview of the episode's focus on 2024 wheat stories.
(00:00:25) - Discussion on the unique aspects of the 2024 wheat crop and its development.
(00:00:40) - Justin reflects on the challenges faced due to drought and the rebound in wheat production.
(00:01:40) - Insights into the quality of the hard red winter wheat crop following late spring rains.
(00:02:03) - Transition from production to marketing and presenting the crop's quality to buyers.
(00:02:27) - Overview of the protein levels in the Kansas wheat crop and its implications for exports.
(00:03:15) - Discussion on the competitive global market and the importance of positioning U.S. wheat.
(00:04:31) - Examination of the changing dynamics in the global wheat market and the impact of the Kansas crop.
(00:04:51) - Introduction of Russia's strategic role in the global wheat market.
(00:06:03) - Conversation about the implications of President Trump's upcoming policies on trade and tariffs.
(00:08:20) - Insights into international perspectives on U.S. foreign policy and trade under Trump.
(00:09:06) - Discussion on the impact of the strong U.S. dollar on exports and its significance in trade agreements.
(00:09:51) - Discussion on the current state of regenerative agriculture and carbon markets in 2024.
(00:10:21) - Insights on potential changes in investments and initiatives in sustainable agriculture under the Trump administration.
(00:11:16) - Introduction of a seven-part series highlighting the environmental benefits of wheat in cropping systems.
(00:12:00) - Overview of advancements in GMO wheat technology and its significance for the U.S. wheat industry.
(00:12:35) - Explanation of the HB4 trade for drought tolerance in wheat and its historical context.
(00:14:02) - Mention of new regulations proposed by APHIS regarding gene editing in wheat.
(00:14:42) - Excitement surrounding the new wheat variety named after legendary K State football coach Bill Snyder.
(00:15:40) - Announcement of the groundbreaking for the Global Grain and Food Innovation Center at Kansas State University.
(00:16:34) - Reflections on recent rainfall and its positive impact on the upcoming 2025 crop.
(00:17:38) - Optimism for the wheat crop heading into winter and the upcoming growing season.
(00:18:00) - Closing remarks and thanks to Justin Gilpin for his insights during the episode.

Kansas Wheat
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