Regional wheat farmers getting record prices

GRANGEVILLE, Idaho — Wheat farmers in northern Idaho and Eastern Washington are getting record prices, though some are missing out because of untimely frost or they sold too soon, officials said.

“After six of the last seven years with global consumption exceeding production, coupled with weather problems scattered around the world this year, wheat stocks are low and prices are indeed at an all-time high,” Alan Tracy, president of U.S. Wheat Associates, told the Lewiston Tribune.

Soft white wheat is selling for about $9 a bushel, nearly a dollar more than last month’s record high. A year ago, soft white wheat sold for $4.14 a bushel.

Tracy said wheat harvests by U.S. competitors, including Canada and the European Union, were low this year and the crop in Australia won’t be harvested until November and December. It is also expected to be much smaller than average because of drought.

The crop in north central Idaho and Eastern Washington “is an average crop and certain areas got hit with untimely rains or frost,” said Tom Riedner of CLD Pacific Grain in Lewiston. “But, overall, the growers are getting record prices for their products and it can’t but help their bottom line. It’s exciting times.”

Glen Squires of the Washington Grain Alliance said supply and demand is driving wheat prices.

“There’s a lot less wheat available for buyers and that is on the heels of last year’s crop with almost the same problems,” Squires said. “This is almost two years back to back (of poor production) and there’s been tremendous demand on U.S. wheat for export because buyers don’t have anywhere else to go.”

But Squires said some farmers in the region won’t be able to cash in because they’ve already sold their wheat.

“I’ve talked to a lot of growers that sold most of their wheat at $4.20,” he said. “So $8 doesn’t do anything for them.”

He said some sold their wheat early because they didn’t have any place to store it, and others for financial reasons.

“Many of the growers sold their wheat because the bank told them to,” said Squires. “They may have wanted to hold their wheat.”