Colorado farmers facing lowest wheat prices in 5 years
June 1, 2010
DENVER (AP) – Colorado farmers expect to harvest plenty of wheat this summer but they’ll likely make less money.
Current projections have them facing the lowest prices for wheat in five years.
Recent cash prices for Colorado wheat have ranged between $3.50 and $4 a bushel. That’s close to the average price over the past decade but much lower than the record $6.47 set in 2008 following a worldwide grain shortage.
Now the market is expecting the biggest bumper crop since 2002.
Wheat fared well because of above-average precipitation last fall and this spring. Hot weather and hail could still affect the crop before the July harvest.