Farmers Feeling Price Pinch
"I think farmers feel like they're being taken advantage of, quite frankly," complained Charles Kruse, the president of the state farm bureau. "And now, wheat crop looks pretty good in Missouri right now. And the price ought to look, it looks good, and it ought to look better than it is."
Wheat producers said they need more money to pay higher costs for fuel, fertilizer and other necessities. But a University of Missouri agriculture economist said the problem is simply supply and demand.
"A wheat basis doesn't necessarily mean that somebody is trying to rip producers off," explained MU's Melvin Brees. "It's simply a market signal that the market anticipates there's a lot more soft red winter wheat than the market really needs."
Brees said grain buyers, along with farmers, are paying more for fuel.
The July contract for wheat was $4.26 per bushel this week, while bids at southeast Missouri River terminals were $3.67.