Economy

Wheat farmers have opportunity for pay day with late crop

Kansas farmers were head-faked out of much of the gain from this summer's spectacular run-up in wheat prices.

But they have another chance for a solid payday with their fall crops, experts say.

As of Friday, a bushel of wheat was selling for $5.92 at the Garden Plain Co-op, a nearly 70 percent increase over the prices following the wheat harvest in late June.

Prices skyrocketed in July as drought took a severe toll on the Russian wheat crop, forcing the government to halt exports. That was coupled with heavy rains cutting into the Canadian wheat crop.

Prices started rising around July 4, a few weeks after the Kansas wheat crop had been harvested.

Larry Werner, branch manager at the Garden Plain Co-op, said farmers hauling in newly harvested wheat sold about 60 percent of it almost immediately.

Typically, the percentage is closer to 40 percent, he said.

Read the complete story at kansas.com

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