Area Wheat Prices Rise with International Push - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Area Wheat Prices Rise with International Push

Steve Amosson, AgriLife Extension Economist Steve Amosson, AgriLife Extension Economist

Area wheat farmers are reaping record high prices thanks to some international help. Kazakhstan, a major wheat producing country in Asia has followed other countries in putting tariffs on its wheat exports.  While that helps stabilize food markets there, it drives up demand for U.S. wheat, including crops right here in the panhandle.

What happens, says AgriLife Extension economist Steve Amosson, is it helps keep them from exporting and protecting their domestic price. Where as it is, it creates a vacuum on the world market where basically the U.S. is the only one that's got any wheat to step in and fill the void for the most part. 

Amosson notes wheat prices topped twelve dollars a bushel Tuesday. Farmers here are already capitalizing on a worldwide shortage of wheat after droughts in major producer countries like Australia. Plus a weak dollar makes U.S. wheat cheaper for international buyers.

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