Red sky in the morning

This is a portent of a significant market basket increase and it is fueled by a combination of weather, increasing fertilizer and transportation costs. Have you considered alternatives in your diet?

Wheat hits $20 in North Dakota and Minnesota

The wheat market moved into historic ground Friday in North Dakota and Minnesota, as short-term demand from mills pushed prices up to $20 a bushel at one elevator in an after-hours scramble.

Most elevators in northeast North Dakota and northwest Minnesota posted prices of $16.70 to $17.30 Friday, according to an Agweek survey; that's four times as high as a year ago and the highest figures ever seen.

Dave Lokken, manager of AGP Elevator in Valley City, N.D., posted a bid of $18.25 Friday. But the market was much hotter than that.
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"The guys who don't have any wheat left, it just demoralizes them to see that $20 price. To think, if they had been sitting on 10,000, 20,000, 30,000 bushels of wheat, how much money that is," Lokken said.
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"We're projecting that food inflation in the U.S. is going to be 8 percent," Mark Palmquist, executive vice president for the ag businesses of CHS, a farmer-owned cooperative based in Inver Grove Heights, Minn., told the Pioneer Press. "Demand is so interesting this time around. It seems to be very insensitive to the price rises."

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