Wheat shortage fears cause futures prices to reach record highs

Wheat shortage fears cause futures prices to reach record highs

In the Department of Agriculture’s February estimate of 2007-08 wheat ending stocks, U.S. supplies were reduced from 292 million bushels to 272 million bushels and world supplies were cut from 110.9 million tons to 109.7 million tons. That news helped fan the flames of wheat prices that have been heating up for the past month.

Chicago (soft) wheat futures hit an all-time high of $10.93 on Feb. 8, after averaging $6.35 in 2007. Kansas City (hard) wheat futures are also at a record high

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