Expensive Dough: Wheat and flour prices on the rise

Full story: WZZM Grand Rapids

The economy is effecting something as simple as what you pay for a loaf of bread.
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1 - 8 of 8 Comments Last updated Aug 26, 2008
Rick

United States

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#1
Feb 29, 2008
 
Not suprised at all, It's just like Ronald Reagan days all over accept now it's BUSH-A-NOMICS. The RICH GET FILTHY RICH AND THE POOR GET POORER

“Taz say Hi”

Since: Jan 08

Holland,MI

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#2
Mar 1, 2008
 
Ethanol is such a wonderful idea as an alternate fuel. Never mind the effect it is already having on food prices. And I'm afraid that this is probably just the beginning. It's extremely difficult, if not impossible, for politicians to admit that they were wrong, so they will be very slow to do anything that will get things in this area back to where they should be. The price of oil is already volatile enough, but now the move is underway to get fuel prices based on the even more volatile prices of grain commodities. The sad thing is that it will be impossible to grow enough corn for ethanol to even make a measurable difference in our dependence on oil. There just is not enough arable land to grow enough.

“God Save The Queen”

Since: Jan 08

Grand Haven

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#3
Mar 1, 2008
 
There are other crops which are better suited for ethanol production, corn is but just one.
As for the wheat prices, well stuff happens this just goes to show you how interconnected the world is.
Consider this, prior to 1492 the known world never knew of corn and the Indians of the new world had no knowledge of wheat.
The people of the old world survived on just wheat.
The Indians of the new world survived on just corn.
Maybe we should take the hint and switch to a corn based society for our daily bread needs.
Corn is already the largest selling crop in the world and it's cost is half that of wheat.
Yesterdays close had wheat at $11 a bushel, corn was $5 a bushel.

“Don't touch my junk man!”

Since: Nov 07

Middle of the Mitten, Michigan

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#4
Mar 3, 2008
 
What a half hearted article.

They barely touched on the reason the prices as high as they are, instead citing ethanol and barely touching on the true reason. Over the last 2 years we have had dry weather cut production levels of wheat dramatically across the globe. No where in the article does it mention that Europe, China, Russia and several other nations throughout the world produced just a small percentage of their normal crop.

Also, in the article they fail to mention the fact that both China and India have booming populations that must be fed. Each year demand out of both countries rises around 1%.

Also forgotten, the fact that the dollar is at all time record lows, allowing other countries to buy our wheat cheaply, which they have been doing hand over fist since last fall.

Ethanol has played a very small role-if any-in the rise of wheat prices. Of course all commodities have a relationship of sorts, but to point fingers at one or two pieces of the puzzle in particular is nothing but lazy reporting.

“God Save The Queen”

Since: Jan 08

Grand Haven

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#5
Mar 3, 2008
 
Ms Angie wrote:
What a half hearted article.
They barely touched on the reason the prices as high as they are, instead citing ethanol and barely touching on the true reason. Over the last 2 years we have had dry weather cut production levels of wheat dramatically across the globe. No where in the article does it mention that Europe, China, Russia and several other nations throughout the world produced just a small percentage of their normal crop.
Also, in the article they fail to mention the fact that both China and India have booming populations that must be fed. Each year demand out of both countries rises around 1%.
Also forgotten, the fact that the dollar is at all time record lows, allowing other countries to buy our wheat cheaply, which they have been doing hand over fist since last fall.
Ethanol has played a very small role-if any-in the rise of wheat prices. Of course all commodities have a relationship of sorts, but to point fingers at one or two pieces of the puzzle in particular is nothing but lazy reporting.
How about the price of silver?
Lets not even think of gold but personally I am seeing more sales of gold than ever before. I figure it's speculation money, speculators are speculating the the dollar will further decline or maybe collaspe.
BUT
FYI...Latest data from the US Mint, as of 02/06/08.

US Mint Deep Storage Custodial Gold & Silver

245,262,894.04 Fine Troy OZ Gold
$10,355,539,091 Statutory Value
$221,472,396,027 Market Value London PM 02/06 $903.

7,075,171.14 Fine Troy Oz Silver
$9,147,696 Statutory Value
$111,598,820 Market Value London PM Close02/06 $16.48

By Statue,.999 gold is,$42.222 per OZ
By Statue,.999 Silver is $1.2929 per Oz
mom

Rockford, MI

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#6
Mar 3, 2008
 
IM stocking up!! I dont know how it keeps good in containers,But will give it a try. Just like everything it all goes up except the pay check.
WILLOBIE

Dimondale, MI

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#7
Aug 25, 2008
 
I used to buy bread flour from the supermarket bakery at $10/50lbs. It went to $12, then $17. My last bag was $27 and today the price was #37.50. The supermarket baker is looking for it to go back down, but there seem little chance of that until we stop putting our food into our gas tanks.

“Don't touch my junk man!”

Since: Nov 07

Middle of the Mitten, Michigan

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#8
Aug 26, 2008
 
WILLOBIE wrote:
I used to buy bread flour from the supermarket bakery at $10/50lbs. It went to $12, then $17. My last bag was $27 and today the price was #37.50. The supermarket baker is looking for it to go back down, but there seem little chance of that until we stop putting our food into our gas tanks.
The price of wheat has fallen over 5 dollars from it's high when this discussion started. The overall world supply of wheat for food has increased dramatically and we've actually seen record global wheat production this year. The supply is there.

The price however, still remains historically high though, as funds/traders/specs remain in the market and are aware that the cost of producing wheat has also jumped. Unfortunately farmers are not immune from the high price of gasoline, the weak dollar and an increase in fertilizer demand out of China. Joe Farmer used to be able to produce a bushel of wheat for right around 3 dollars that cost has skyrocketed in recent months.

"Food going into our gas tank" has very little to do with the cost of flour; as wheat and corn tend to trade relative to each other, but wheat is in no way used for ethanol.

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