Wheat prices up
BISMARCK, N.D. (KFYR) - Wheat prices are up a $1.50 a bushel over the past week-and-a-half leading up to the Russian invasion of Ukraine. They are now just under $10/bushel.
Ukraine had a record sale last year and is a major producer out of the Black Sea region. The Russian invasion of Ukraine has impacted the world market price. However, the surging prices today may not mean farmers will reap the benefits.
“That grain that may be off the market now has created an elevated pricing opportunity for North Dakota farmers but ultimately in the months to come that grain will still come back out onto the marketplace,” said President of Heartland Investor Services Eugene Graner.
Graner added that while this might lead to a short-term price increase, long term prices are not reacting as sharply. Graner said higher commodity prices get passed along from the developer of the product to the end user, the consumers.
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