Corn, wheat prices on the rise; Good for farmers but consumers might see price increases
BISMARCK, N.D. (KFYR) - Rain this week is a welcome surprise for farmers and ranchers but the short-term impact may affect food prices.
Eugene Graner with Heartland Investor Services said the moisture might help wheat growth in the short term but drier conditions next week could drive prices higher. When corn value increase, usually other grain protein crops climb as well.
“Droughts like this accentuate the value of grain. So if grain prices go up, it means higher food prices. Farmers like higher food prices for revenue but consumers don’t like having to pay up for food,” said Heartland Investor Service Inc. president Eugene Graner.
Graners said corn prices maybe following similar trends as the 2011-2012 seasons. Minnesota wheat prices haven’t been this high since June 2017.
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