With a current wheat price hovering between 8 and 9 dollars a bushel, many producers are wondering how much their 2013 wheat kernels will be worth.
Ag Reporter Sarah Gustin takes a look at what's happening in the wheat industry around the globe.
(Dan Hughes / U.S. Wheat Associates) "We fully expect to see the world coming to the US to buy wheat here in the very near future."
A nationwide drought this summer was hard on the US wheat supply.
In 2012 nearly 60 million wheat acres were planted in the U.S.
2,218 million bushels were harvested.
Dan Hughes with the U.S. Wheat Associates says half of this nation's crop is sent overseas.
Hughes says currently wheat exports are lagging behind USDA projections, but expects exports to pick up.
(Dan Hughes / U.S. Wheat Associates) "A lot of people in the world rely on wheat as a staple in their diet. Whether it's noodles in the pacific rim or flat bread in the African countries or tortillas in Mexico. Wheat is made into virtually made into all products for all cultures in the world. So that is what makes it so universal."
Jim Warren with the Kansas City Board of Trade is already looking into the 2013 wheat crop and prices.
(Jim Warren / Kansas City Board of Trade) "We have been very well supported here for the last 4 months. We have been in an eighty cents trading range. And right now we are back in the top end of that range with concerns in the world market production and some of the prices overseas is going to new contract highs, so that is keeping us well supported here and with our drought conditions, I see that hanging on and possibly breaking out to the upside."
Warren says despite flooding in Argentina and rain during Australia's harvest--getting back to 20 dollar wheat is very unlikely.
(Jim Warren / Kansas City Board of Trade) "We are going to have to see some large global problems to get back anywhere close to that area."
Warren says drought conditions in the plains--combined with Ukraine and Russia limiting their exports--could give U.S. wheat prices a boost in the year ahead.
Warren says currently 1/2 of the winter wheat crop in South Dakota and Nebraska is rated poor to very poor due to the dry conditions.