The U.S. wheat harvest just hit a 55 year low and it’s a total disaster for food prices

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SMALLEST CROP SINCE 1972…
Wheat harvest hits 55-year low…
70% of crop in drought zone…
USDA slashes production by 424M bushels…
The breadbasket is empty…

The projection of a 55 year low in the national wheat harvest is the final confirmation that America is entering a period of genuine food insecurity. While the government blames climate cycles the reality is that a toxic combination of record high fertilizer prices and a catastrophic drought has made it economically impossible for many farmers to even attempt a harvest. This disconnect stems from a decade of ignoring agricultural infrastructure while prioritizing global trade over domestic stability. Wheat is the foundation of the global food supply and a massive domestic shortfall means that bread, pasta, and cereal prices are about to undergo a secondary inflation wave that will make the 2022 spike look like a minor adjustment. We are watching a perfect storm where the war in the Middle East has already disrupted global shipping and now our own breadbasket is failing to produce enough to meet domestic demand. When the USDA makes a cut this aggressive in May it typically signals that even worse numbers are coming as the heat of summer sets in.