MINNEAPOLIS, Feb. 16 (UPI) -- The cost of wheat surged to a record $19.80 a bushel this week on the Minneapolis Grain Exchange as grain supplies dwindle.
The St. Paul Pioneer Press reported Saturday that with worldwide crop supplies reaching their lowest point during the last 60 years, the cost for a single bushel of wheat now sits at nearly 300 percent that of a record 1996 price.
"This wheat market has given us a glimpse of the what-if -- what if we don't deliver the goods on the production side, because the demand is here," grain marketing specialist Ed Usset said.
Wheat trading has been focused on the Minneapolis Grain Exchange as grain is a prevalent crop in Minnesota, along with North and South Dakota.
The Pioneer Press said in addition to record wheat prices, the cost of both corn and soybeans also have increased for the upcoming spring.
