Average price of all wheat at record $5.85 in August

by Ron Sterk
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WASHINGTON — The national average price received by farmers for all wheat in August was $5.85 per bu, up 68c from $5.17 in July and $1.94 above the August 2006 average of $3.91, the U.S. Department of Agriculture said in its August Agricultural Prices report.

The preliminary August all wheat price was the highest in U.S.D.A. records dating back to 1907, and eclipsed the previous high of $5.75 a bu in May 1996. Record high prices also were set in August for winter wheat, durum and spring wheat other than durum.

The national average price received for winter wheat in August also was $5.85 per bu, up 71c from $5.14 in July, $2.08 above the $3.77 average for August 2006 and passing the previous record high price of $5.74 in May 1996.

The average price for durum was $6.96 per bu, up 41c from $6.55 in July, which was the previous record high, and $2.87 above the August 2006 average of $4.09.

The price for spring wheat other than durum, at $5.73 per bu, was up 29c from $5.44 in July, and $1.62 above the $4.11 average a year ago. The August price exceeded the previous record high of $5.68 set in May 1996, but monthly U.S.D.A. data only went back to January 1977 for spring wheat other than durum.

The average price received for rice was $9.89 per cwt in August, up 5c from July and $1.08 above $8.81 in August 2006.

The preliminary index of prices received for food grains in August was 191% of the 1990-92 base of 100, up 11% from the revised level of 172 in July and 46% above 131 in August 2006.

The August index for feed grains was 150, down 3% from the revised level of 154 in July but 40% above the August 2006 index of 107. The average price received by farmers for corn in August was $3.17 per bu, down 15c from $3.32 in July but up $1.08 from $2.09 in August 2006. Farmers received an average of $5.89 per cwt for grain sorghum in August, up 37c from July and up $1.54 from a year ago. The average price paid for oats in August was $2.25, down 8c from July but up 58c from August 2006.

The U.S.D.A. index of August prices received for oil-bearing crops was 134, down 1.5% from a revised 136 in July but up 43% from 94 in August 2006. The national average price paid to farmers for soybeans was $7.49 per bu, down 7c from July but $2.26 above $5.23 in August 2006. Farmers were paid an average of $8.40 per bu for flaxseed, up 26c from July and up $2.90 from a year ago. The average price paid for sunflowerseed was $18.40 per cwt, unchanged from July and up $6 from August 2006. The average price paid for canola was $15.10 per cwt, up 60c from July, which was the first month the U.S.D.A. included a price for canola.

The preliminary August index for all crops was 139, down 1% from the revised July index of 141 but up 11% from the August 2006 index of 125.

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