US Kansas wheat for flour production rose more than 40% in November, a six-year high, and futures prices stood at $10.17 per bushel on the Minneapolis Grain Exchange, the highest price since the 2008 growing season during the financial crisis, the Wall Street Journal reported on the 4th.
The Journal said the U.S. Department of Agriculture data showed that U.S. wheat stocks fell 18% year-over-year, the lowest level since 2007.
The price of wheat used as processed food or animal feed (soft red winter wheat) traded on the Chicago Exchange at $8 per bushel, up 28% year-over-year, the highest level since late 2012.
Regarding international wheat trade, Commerzbank commodities analyst Kasten Frich said "wheat prices will continue to rise," said wheat importers Japan, Egypt, and Saudi Arabia have already placed large orders and stockpiling wheat, while wheat producers and exporters, the United States, Canada. In Russia and other countries, inventories have decreased.
"The cost of wheat production, including fuel, fertilizer and pesticides, has risen from 25 to 30 percent right now, and new crop prices have yet to rise by only 10 percent," said the Montana Crop Growers Association president. Dollar, but expected future cost inflation.
The international wheat price is the highest since 2014 when the trading price rose to 6.3075 dollars per bushel on October 16th last year on the Chicago Mercantile Exchange, and has continued to rise since the 2016 low (3-4 dollars).
International wheat prices reached $7.425 per bushel in May, the highest in eight years.
The Chicago Futures Exchange (CBOT) price was $270.35 per ton on October 18, up 17.3% from $230.29 of last year (October 16), and a 40% increase in November.
The Chicago futures trading price on that day (October 18) was $209.74/t for corn, up 32.5% from $158.26 a year earlier, and $449/ton for soybeans, up 16.3% from $385.89 a year earlier.
About 95% of domestic wheat consumption depends on imports.