Washington wheat prices selling for at or below costs

(Information from: The Spokesman-Review, http://www.spokesman.com)

SPOKANE, Wash. (AP) — Wheat farmers are harvesting their crop in Washington, but are selling it for prices at or below what it costs to produce.

The Spokesman-Review says farmers took a hit this week by a federal forecast that drove down the already low prices.

On Friday, the base price at Portland for a bushel of soft white wheat was $5.98. Hard red winter wheat was trading at $5.20 and white spring wheat traded at $5.90.

Farmers need to get about $5.50 a bushel to cover costs.

But on Monday, the USDA came out with its August crop production report which showed a 3% increase in wheat production from the July report. That caused wheat prices to drop on Monday and Tuesday.

About 90 percent of Washington wheat is exported.