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Wheat maniaCould it be that the world has gone a bit wheat crazy? Or maybe it is just that we like our bread. . . and bagels . . . and flatbread. In fact, I'm sure that's it. Wheat prices have recently been for the record books. At press time, overnight trading was market limit up for two days in a row, according to the Chicago Board of Trade. European markets were also hitting all-time highs. The fury this week followed a report of both shorter supply and stronger demand. Both India and Egypt bought more wheat than expected in the last few days. News also came that Australia's wheat crop had been affected by high winds and dry weather. Crop production estimates in that country fell from 26 million metric tons to 18 to 19.5 million metric tons. Some High Plains wheat farmers know all too well the story of a weather-damaged wheat crop. A crop with the potential to break records was hit by an Easter weekend freeze in the heart of Kansas' wheat country, leaving farmers with literally no crop. Other wheat producers watched their crop wash away with floods. The Kansas wheat crop that had so much potential came in only slightly above the 2006 crop at 300 million bushels. With the world's appetite for wheat products not waning, and production woes continuing for the world's wheat producers world wheat stocks continued to tighten. Supplies are expected to be the lowest since 1982, at 114 million metric tons. Higher wheat prices have even trickled their way down to the local co-op. Every Tuesday, Journal editors call the Dodge City Cooperative Exchange for the local grain prices. This week, the helpful woman on the other end of the line said, "Wheat, $6.78." Really? We wrote it down in the trusty little spiral notebook that has been a record of grain prices since 1993. And then we called back, just to make sure. When we had confirmed the price was correct, we flipped back through the book. Only once had the price ever been as high: On May 5, 1996 wheat prices at Dodge City Co-op were $6.80. Now, if only we had some wheat to sell . . . Holly Martin can be reached by phone at 1-800-452-7171 ext. 1806 or e-mail at hmartin@hpj.com. 9/10/07
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