It may look like just another number — a nice, round number, to be sure — butÂ a mere number nonetheless. This number, however, is a psychological landmark with important consequences.
The cash price for spring wheat has topped $10 per bushel at some area elevators. The price has roughly doubled since summer, when wheat hammered the Russian wheat crop.
Area farmers are quick to point out that a majority of the 2010 wheat crop has been sold already at prices far below $10. They also point out, correctly, that price reductions, known as discounts, are assessed on wheat with less-than-ideal quality, further reducing the price they receive.
All that said, topping $10 (or coming close to it) is a big deal. I’m talking with area wheat farmers, industry officials and grain elevator managers to get their thoughts and observations. Read more in the Feb. 14 issue of Agweek.