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Wheat prices jump, signaling more food inflation

Posted: Mon Dec 11, 2023 5:30 pm
by Toldyouso
“Fu­tures prices for hard-red spring wheat, which grows over sum­mer on the north­ern Plains and is fa­vored by bak­ers and pizza mak­ers, this week hit their high­est price on the Min­neapolis Grain Ex­change since the 2008 plant­ing sea­son. At $10.44 a bushel, spring wheat costs roughly twice what it did the past two au­tumns.

Prices for lower-qual­ity but more widely grown win­ter va­ri­eties have also climbed. Soft-red win­ter wheat, priced in Chicago and used to feed an­i­mals and in pro­cessed foods, is up 28% from a year ago. The bench­mark rose above $8 a bushel to its high­est level since late 2012. Hard-red win­ter wheat, known as Kan­sas City wheat and used for flour, has added more than 40% since last No­vember to a six-year high. In Paris, wheat prices made a record this week.
….
The U.S. Agri­cul­ture De­partment says that do­mes­tic wheat stock­piles are down 18% from a year ago and at the low­est level since 2007. On-farm in­ven­to­ries have fallen to their low­est level in more than 50 years, which means much of this year’s crop has al­ready been de­liv­ered to mar­ket. Pro­duc­tion this year is ex­pected to fall 10% be­low last year de­spite an uptick in the num­ber of acres planted with wheat.”
https://www.wsj.com/articles/wheat-pric ... yURL_share

Re: Wheat prices jump, signaling more food inflation

Posted: Mon Dec 11, 2023 5:30 pm
by Toldyouso
I decided to post this in this forum rather than in politics.
It’s just a heads up that your holiday dinners…and beyond…will be costing more this year.
Plan accordingly.