US Spring Wheat Futures Approaching $15 - US Stockpiles At 60-Year Low - ABC Rural

[hatrack]

US wheat futures continue to top records on very tight supplies and strong global demand.

US spring wheat March futures hit nearly US$15 on Wednesday, while winter wheat varieties were also up their limits to as high as US$10.80 a bushel.

Steve Mercer from US Wheat Associates says the world wheat market is really in 'uncharted' territory right now.

"We've entered the 2008 year with global stocks at their lowest level in 30 years, US stocks at a 60-year low", he says.

EDIT

http://www.abc.net.au/rural/news/content/2007/s2156722.htm

[RoseMead]

1. When I was a kid, we always had milk and bread in the house

Always. Even if it meant buying a new gallon and loaf daily, because three growing kids had devoured it all.

Now, milk and bread are both luxuries for my family. We maybe, maybe, buy a loaf and a gallon a week, and when it's gone, that's it.

Man, when they told me as a child that the would of the future would be different, I really didn't think this was what they meant.

[Quantess]

2. Bread and milk aren't affordable staples like they once were

Now, it's ramen noodles and kool-aid.

[Tashca]

3. Conservation acres

My fear is that they are going to push tearing up fragile acres now in the conservation reserve.
In meetings I have been in......this is becoming more and more of a question.
I know acres now coming up to renew their contracts.....are not renewing for conservation because the land owner can make more money renting the land for crop production because of these high prices. There isn't a significant amount coming up for renewal right now....thankfully. I hear clamoring for releasing acres that will not be up for renewal for several years. This is some of the most fragile acres as far as degradation and erosion are concerned. I personally hope they never come out.....but the pressure is on. You don't read much about it....but I'm hearing it quite abit.

[phantom power]

4. as kestrel remarked,

at least I'll finally shed that stubborn 10 lbs. Unfortunately followed by another 20 or 30, maybe.