Wheat Farmers Smile at High Prices

Wheat farmers are smiling all the way to the elevator this year. Good crops and higher prices wrap up this season’s harvest. Instead of storing wheat, farmers are taking advantage of a higher price.

Wheat prices are sitting at a 22-month high. As wheat harvest began, farmers groaned at the mere $3.50 per bushel wheat price. Now, farmers are pleased to sell their harvested crop at the high $5.30 per bushel price.

Drought conditions in overseas areas have pushed the substantial price rise in US markets. In ths case, one man’s misfortune is the other’s gain. Nearly one fifth of Russia’s crop is destroyed as a result of drastic drought conditions. According to 9 News, Russia is expected to cut wheat exports by at least 30 percent which means good prices for US farmers.

(image:Scott Butner)

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