Spring wheat prices could continue to raise, good news for farmers

Wheat field
Wheat field(KFYR-TV)
Published: Sep. 29, 2022 at 4:37 PM CDT
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BISMARCK, N.D. (KFYR) - Wheat prices are dramatically changing this week. Consumers may not see price hikes but farmers will see higher profits.

The spring wheat harvest is finished for Ryder farmer, Tyler Stafslien.

Stafslien is part of 93 percent of farmers across the state who are already storing and selling their crops to elevators.

“This year, we got some timely rains early and the crop turned out pretty good,” said Stafslien.

Thousands of miles away, the Kremlin organized vote in eastern Ukraine was used to allow Moscow to annex Russian controlled territory.

This resulted in volatile spring wheat prices.

“There is the potential that if Putin stays the way he is, well then in fact, wheat prices could elevate again...maybe as high as they went last spring, depending on how hostile this gets,” said Heartland Investor Services President Eugene Graner.

Graner said Thursday’s market prices are swinging by as much as 40 cents and pushing commodities to new highs.

That’s good for farmers.

“So, I put mine in the bin expecting prices to get a little stronger. Now, farmers seem to always be optimistic. But, for now I’m gonna sit on my wheat and watch for a while,” said Stafslien.

Graner said a large wheat price increase will most likely not affect the consumer. Early this year, when bushel prices doubled from four dollars, that only accounted for about a 4 cent increase in bread prices. The rest comes from transportation and employee costs.

Tyler Stafslien said he’s optimistic about next year’s harvest but he’s planning for higher input costs.