March 15, 2008

Higher Prices for Wheat Farmers ... and the rest of us

Wheat, which historically trades at $3-7 a bushel on the grain market, climbed to $18 a bushel this week on futures for spring wheat on the Minneapolis Grain Exchange. The cost of wheat has tripled within the past year which increases food prices for all of us for bread, pizza, pasta and most other food items. Consumers can expect to pay an additional penny on wheat products for each dollar the price-per-bushel increases.

Increasing wheat prices is good news for wheat farmers but will impact the family food budget for all of us.