Glut Drives Wheat Prices Down
KSCB News - April 19, 2010 12:00 am
Farmers are anticipating a tough year as a
global glut in wheat drives down prices.
Australia and Russia have seen
their harvests rise by a third in the past two years. Added to
that, the wheat supply is at a 22-year high in the U.S.
For farmers, that is translating into predictions of an 8.6
percent price drop by July.
Many farmers in the central U.S. are switching to other crops
with better prices or just not planting because of bad weather.
However, farmer Scott Van Allen says wheat really is the best
crop for central Kansas.
He has planted 2,500 acres of his 2,800 acres in northern Sumner
County in wheat. He says, “You plant wheat and hope for the