Wheat hits all time high as US stocks dwindle Monday, February 18, 2008, 07:51 AM Prices for high quality spring wheat hit and an all time high after it emerged that the US Bakers Association called for the US government to reduce wheat exports.
The Association was prompted to make the request after data showed the US stockpiles of high quality wheat are at all time lows, with only the equivalent of one month's consumption remaining. The price of high quality spring wheat has almost doubled since January 1st, and is now trading at over US$19/bushel.
The US is the world's largest exporter of wheat, but bad weather in other wheat growing regions of the world has hit supplies. High quality spring wheat is used primarily in bread making.
