SPOKANE, Wash. (AP) – Wheat farmers are harvesting their crop in Washington, but are selling it for prices at or below what it costs to produce.
The Spokesman-Review says farmers took a hit this week by a federal forecast that drove down the already low prices.
On Friday, the base price at Portland for a bushel of soft white wheat was $5.98. Hard red winter wheat was trading at $5.20 and white spring wheat traded at $5.90.
Farmers need to get about $5.50 a bushel to cover costs.
But on Monday, the USDA came out with its August crop production report which showed a 3% increase in wheat production from the July report. That caused wheat prices to drop on Monday and Tuesday.
About 90 percent of Washington wheat is exported.