Low Wheat Prices - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Low Wheat Prices

Dr. Stephen Amosson, AgriLife economist Dr. Stephen Amosson, AgriLife economist

Last year, wheat prices in our area were steady at $12 per bushel. But with the current economic crisis, the price of wheat took a sharp downturn.

Currently, the price of wheat sits around $5.45 per bushel. This translates to a small price difference at the supermarket: only five to six cents less per loaf of bread.

But the real savings for consumers are yet to come.

"What I think you will see is specials, coupons for 50 cents off a loaf of bread. In the interim, in the short-term anyway,"said Dr. Stephen Amosson, AgriLife economist.  

In the long-term, Amosson says the stock market will dictate how low prices will go. And grocers will wait before making any drastic discounts to their products.

"But now, [retailers] don't want to lower them and all of a sudden the economy recovers, wheat prices go up, energy prices go up and have to raise them again," Amosson said.  

He adds that the price of wheat is dependent on the price of oil, as well. If energy prices stay low, eventually consumers could pay significantly less.

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