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"Of all the crops in the U.S., wheat is where I see the most potential for future profit," said NDSU Extension Crop Economist Frayne Olson during his general session at this year's Central Dakota Ag Day.
The event took place at the NDSU Carrington Research Extension Center (REC) on Monday, Dec. 16.
Olson pointed out that, unlike corn and soybeans, wheat inventories are currently tight worldwide. He also noted that not all wheat reserves are of high quality.
"All it would take is one more problem, and the wheat industry would start to get nervous, pushing prices higher," Olson explained. "I'm not saying it will happen, but it's certainly possible. The key factor will be the conditions this spring when winter wheat breaks dormancy and spring wheat is being planted."
A second general session was led by Tom Brusegaard, field representative for Senator John Hoeven.
Brusegaard provided an update on the farm bill, predicting that the current bill would be extended before being rewritten in the spring of 2025.
While many North Dakota farmers experienced strong yields this year, Brusegaard emphasized the challenges posed by skyrocketing input costs and low prices.
"We need to find a way to make Title I work for farmers," Brusegaard said. Title I helps farmers manage risk and offers assistance when commodity prices drop sharply.
The Central Dakota Ag Day program also featured 17 breakout sessions focused on agronomy, livestock and agricultural life. More than 100 attendees participated in the annual, day-long event.
The Central Dakota Ag Day program is organized by NDSU Extension agents in Barnes, Eddy, Foster, Griggs, Sheridan, Stutsman and Wells counties, as well as staff from NDSU's Carrington Research Extension Center.
Sponsors of the event included the North Dakota Corn Utilization Council, North Dakota Soybean Council, North Dakota Wheat Commission, Northarvest Bean Growers Association and Northern Canola Growers Association.