Wheat Farmers Abandon Fields as Global Glut and Low Prices Crush Profit Margins

In May, Dennis Schoenhals, a wheat farmer and president of Oklahoma’s wheat growers association, toured wheat fields in northern Oklahoma as part of an annual crop health survey. However, this year, like many others, Schoenhals and fellow farmers had already abandoned some fields due to plummeting wheat prices, which hit five-year lows.

Across the U.S. wheat belt—from Texas to Montana—many farmers decided early on to bale their wheat into hay, plow it under, or graze livestock instead of harvesting it for sale. States like Nebraska have seen a dramatic drop in wheat acreage, now less than half of what it was in 2005.

Low Prices and Global Surplus Force Farmers to Abandon Wheat for Profitable Alternatives

While crop insurance provides some financial cushion for unprofitable wheat fields, most farmers agree that relying on insurance isn’t a viable long-term business strategy. Despite the Great Plains being historically known for their “amber waves of grain,” the current low price of around $5 per bushel has pushed many wheat growers toward a breaking point.

Interviews with farmers and analysts across Kansas, Nebraska, and Oklahoma highlight a growing trend of abandoning wheat before harvest in favor of more lucrative options like corn, soybeans, or livestock. The disparity in profitability compared to other crops has become increasingly stark.

Weather extremes, especially prolonged droughts, have worsened the outlook for wheat farming in recent years. Ironically, even years with good rainfall haven’t helped much, as global wheat surpluses continue to depress prices. In Kansas, the leading U.S. wheat producer, more land was planted with wheat than corn in 2024, yet corn yielded more than double the value.

Meanwhile, hard red winter wheat exports have dropped to historic lows in 2024 due to global competition. Even droughts in major wheat-producing countries like China and Russia have had little effect on U.S. prices, underscoring how oversupply is undermining the market.

Legacy of Wheat Faces Harsh Economics Amid Declining Acreage and Diversified Farming Trends

Wheat farming is deeply rooted in the cultural and historical fabric of the Plains. Mennonite settlers brought the hardy Turkey Red wheat to Kansas in the 19th century, and the crop flourished across the region. Today, golden wheat imagery still adorns towns and road signs, but actual wheat acreage is in steep decline. In Nebraska, wheat acreage has shrunk from 2.2 million to under a million in less than two decades. Some counties, once key producers, are now witnessing up to 20% field abandonment. Despite attempts to innovate with new wheat varieties and technologies, economic returns remain slim.

Farmers are increasingly diversifying their crops to stay afloat. In Colby, Kansas, Lon Frahm, CEO of Frahm Farmland, has drastically reduced his wheat planting, focusing instead on corn, which offers a more reliable profit margin. With advanced irrigation and high-tech harvesting equipment, corn now constitutes the bulk of his 40,000-acre operation’s output. While wheat farming continues to carry sentimental and historical value, the financial realities have pushed many to reconsider its place in modern agriculture. As Frahm bluntly put it, “It’s heritage, but there’s no profit.”