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.