I was an accidental wheat farmer for about 14 years as I inherited a KS farm from an uncle. The whole farm was 160 acres (quarter-section) and had 72 acres in wheat. I had maybe three really good years, 9 years were marginally OK, and a couple of years where either crop insurance or the USDA price support came into play. I sold the place at the top in 2013 and am very glad to be out of the game.
I thought soybeans would also be a profitable crop.
There are so many gluten-free diets nowadays, I thought many would be using soy products as a protein source.
I was photographing in Washington state’s Palouse region 2 weeks ago. I was surprised how much land was in lentils, garbanzos and beer barley. It used to be all hard and soft wheats.
There’s no mention of the ongoing drought in those areas.
U.S. Drought Monitor
http://droughtmonitor.unl.edu/
Chickpeas and lentils should pump some nitrogen into the soil. When the gluten free fad fades the grain harvests might be really good with all that fertilizer.
If prices are low, that means that demand is low, or supply is high. Either way, the Invisible Hand is doing its job. Farmers are switching to other crops, and thus supply will drop, and thus the price will rise again.
The low carb trend is taking a toll on wheat.
Gluten free means going against the grain.
With the popularity of humus, chickpeas is the way to go. Of course, that fad will fade and a new crop will need to be grown.
Lentils and Hummus - I would be embarrassed to grow those crops. Wheat and corn - now that is AMERICA!