text: WEST LAFAYETTE, Ind. - Russia's ban of wheat exports is giving U.S. farmers the opportunity to produce more of the crop to meet demands around the world, a Purdue University agricultural economist says.
  "Seed availability may be the limiting factor on how many acres of wheat get seeded this fall," he said.
  Drought and wildfires greatly reduced wheat supplies in Russia - the fourth-largest wheat exporter in the world - and in neighboring Ukraine and Kazakhstan. In addition, Canada has lost about 16 percent of its wheat crop from flooding.
  "It's very important to recognize that we don't have the entire set of conditions that we had in 2008," he said.
  In 2008 the world's wheat inventory was at 20 percent of a year's use. It currently is at 26 percent - still tight but more abundant than two years ago. Hurt also said the United States "is loaded with wheat inventory."
  "We are the world's largest exporter of wheat, and we have a lot of wheat to sell," he said. "I think the world will buy more. We have it to sell, and that's certainly good news for those farmers holding onto wheat inventory."
  "The problems in Russia, Canada and other countries around the Black Sea really have elevated wheat prices this year," he said. "We're seeing prices about $2 higher per bushel than what we anticipated earlier this year."
  In the central and northern parts of those states where double-cropping isn't as feasible because of the shorter growing season, Hurt said prices are making single-crop wheat competitive, especially on lower-quality soils that may have a yield potential of only 130-140 bushels of corn per acre.
  "Generally what we see on those soils is that wheat yields do well relative to corn and soybeans, and the economics look very good for single-crop wheat on that type of land," he said. "In fact, right now it appears the returns for single-crop wheat could even be better than corn or soybeans."