NPR: Low Wheat Prices Leave A Gluten Glut At Midwest’s Grain Elevators
Wheat prices are falling to $5 a bushel, the lowest price in five years. As KOSU’s Rachel Hubbard reports for NPR, low prices are costing Oklahoma farmers between $20,000 and $30,000.
The reasons for the price slump? A strong U.S. dollar, which makes it more expensive for overseas customers to buy American wheat, and weather:
They harvested their wheat in early June, but with spring floods, the quality of the wheat wasn’t good. That’s one of the factors driving down prices and keeping the grain elevators at capacity.