Wheat prices sky high during drought
Wheat prices sky high during drought.
But, if you managed to sit on some wheat from last year’s crop you’ll be in line for a big pay day.
"You’re seeing significant gains in Minneapolis that equates to somewhere to $2 a bushel in the past couple months," said Eric Basnette, Grain Merchandiser.
Some think it could go even higher.
"I think it’s very possible we’re going to see the Minneapolis wheat board go into the $9, $10 area," said Eugene Graner, Heartland Investors.
Future supply is in serious danger because of the drought conditions across the state, which may get worse before they get better.
"Near term in the next couple of weeks things actually look to trend on the dryer side but they also look to trend on the warmer side which could also be impacting soil moisture content as well as increasing that fire danger as well," said Curt Olson, KFYR-TV Meteorologist.
Which means if you’re sitting on some of last year’s wheat, you could be in line for a windfall.
"A lot of these farmers are just waiting to see where this tops at if there is a top, and then hopefully sell at that point.
We literally are in uncharted territory," said Basnette.