Spring Wheat Reaches $10 a Bushel

Agriculture

I’m Lauren Moss with today’s AgDay Minute.

That next pizza or bag of bagels may soon cost you more. That’s after a key spring wheat contract on the commodity markets touched 10-dollars a bushel on Friday. It’s the first time it’s been that high since 2012. It follows a growing season that saw extreme drought and heat, which cut into production.

USDA reports 89-percent of the spring wheat production area is experiencing drought. Global wheat supplies are also running short. Spring wheat is used in things like rolls, croissants, bagels, and pizza crusts.

Shortages of dishwashers and refrigerators are likely to stretch well into next year. Whirlpool’s chief executive officer says supply-chain problems are straining production and consumer demand remains strong. The company says it has ramped up appliance production, but delays have grown as it waits for components. Other snags lead to back-orders of around six weeks for the average appliance.

The next time you splurge on some “Tonight Dough”, it’ll cost you more. The company that owns Ben and Jerry’s says it’s increasing prices. Unilever owns the ice cream company and Dove. It says soaring supply chain costs and the potential for accelerated inflation — are why it’s boosting prices. It says prices are going up just over 4-percent. Unilever is just the latest company to announce price hikes. Nestle and Procter and Gamble made similar announcements this week.

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