The outlook for wheat prices and the domestic and overseas market factors that impact them will be the topics during this year’s Spokane Ag Expo and Pacific Northwest Farm Forum economic forecast.
Washington State University economics professor Randy Fortenbery and Washington Grain Commission CEO Glen Squires will offer their analysis of the ever-changing outlook for the domestic economy and for trade.
Their presentation will begin at 9 a.m. Wednesday, Feb. 8, in the convention center’s lower level ballroom.
Important factors to watch in 2017 will be global supply, production in competing wheat-growing countries, weather, export competition and currency fluctuations, Squires said.
Squires recommends farmers also watch global economic conditions and U.S. trade policy.
“There were many statements made through the election process,” he said. “We certainly are interested in ensuring we have good trading relations with Asia and Central and South America.”
President-elect Donald Trump has said he will scuttle the Trans-Pacific Partnership, which includes Japan, one of the largest customers for Pacific Northwest wheat. The trade treaty also includes Mexico, Canada and other Pacific Rim nations.
Squires also plans to give a world market update.
“The local price is affected by a lot of factors,” he said.