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The price of wheat is influenced by factors such as demand, soil, and weather conditions. These factors also determine the yield and quality of crops each year.
Since mid-2020 when it attracted about $460 per metric tonne, the price of wheat has risen considerably. In early-to-mid 2022, prices were close to $1,300 per metric tonne. Wheat remains a highly profitable, in-demand crop.
Updated daily, price in USD/Bushel.
Wheat is a nutritious cereal grain grown throughout the world. A member of the grass family, it has been used as a staple food for over 700 years.
While there are thousands of different varieties of wheat, there are three that are most frequently grown, including:
Today, wheat is recognised as one of the world’s primary food sources. Thanks to the development of different varieties, wheat can be successfully grown in a wide range of climatic conditions.
Almost 40% of Australian wheat is grown in the south of Western Australia, with the remaining percentage produced in South Australia, Victoria, and through the centre of New South Wales and southern Queensland.
Australian wheat is typically sown in autumn, grows throughout winter, and is harvested in the spring and summertime.
In recent years, Australia has produced two record-breaking crops, leading to the highest wheat prices in history. For 2021-2022, the record was set at $13.1 billion. For the 2022-2023 period, a massive 39.2 million tonnes were produced, creating a new wheat price record of $15 billion. This is the result of high wheat prices across the world and increased global production.
Australia exported $16.7 billion of wheat in 2022/23, a 47.7 per cent year-on-year increase and 97.5 per cent above the five-year average. The increase in exports was in part due to Asian stockfeed buyers substituting corn with Australian feed wheat, and many Asian buyers have tried to avoid Black Sea wheat supplies due to concerns over risk and delays.
In Australia, wheat is sown in autumn and winter. The soil is broken using a plough to create ditches into which the seeds and fertiliser are added. It is then grown for approximately six months, depending on conditions.
This winter crop is harvested between spring and summer to produce the best grain quality and yields.
To maintain soil health, soil crop rotation is practised, with intermittent cultivation of other crops (such as barley and canola) in between growing wheat.
If you’d like to learn more about wheat and other types of grain, please view our articles.
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