Wheat Price Hits Record $9 a Bushel

By John Carney

As it turns out, that whole turning food into fuel thing isn’t working out so well.
Wheat Price Rises to Record $9 a Bushel on Global Crop Concerns [Bloomberg]

Comments (13)

  1. 1
    Posted by joe | September 12, 2007 at 10:27 AM

    Gold is 720
    Oil is 78
    Wheat is 9
    Dollar hit all time low vs Euro
    Definitely a good time to cut rates

  2. 2
    Posted by em | September 12, 2007 at 10:40 AM

    ^gold is fundamentally irrelevant and cutting rates is going to hurt the value of the dollar. oil at 78 and what at 9 is not a good argument to cut rates.

  3. 3
    Posted by BailoutBernie | September 12, 2007 at 10:48 AM

    em, I think he was being sarcastic.
    Gold, and the dollar are already pricing in a rate cut to some extent, but it will get worse once the cut comes no doubt.

  4. 4
    Posted by Walter Cronkite | September 12, 2007 at 10:49 AM

    Why isn’t this posted under “No Shit, Sherlock” or something along those lines?

  5. 5
    Posted by Anonymous | September 12, 2007 at 10:55 AM

    food as feul … those dems must be reading Mao’s Industrial Policy Planning for Dummies.

  6. 6
    Posted by anonymous | September 12, 2007 at 11:00 AM

    They can always switch to soylent green.

  7. 7
    Posted by Charlton Heston | September 12, 2007 at 11:03 AM

    Soylent Green is PEOPLE!!!!!!! ITS PEOPLE!!!!!

  8. 8
    Posted by Just a question | September 12, 2007 at 11:40 AM

    Would anyone care to explain what would happen if the Fed was to raise interest rates right now?

  9. 9
    Posted by PBateman | September 12, 2007 at 12:03 PM

    You know what else is driving food prices? Our government’s decision to pose an import tariff on sugar-based ethanol (even though its more efficient and better for the environment), because its not made in midwest battleground state.
    So essentially they’re taxing Americans my subsidising a less efficient ethanol and driving up your food prices. Next up: bailing out homeowners who took out piggyback loans and have no equity in their homes.
    Gooooooo Government!

  10. 10
    Posted by AJ | September 12, 2007 at 12:31 PM

    I hate politicians sooooo much

  11. 11
    Posted by Jon | September 12, 2007 at 1:29 PM

    FWIW, the inflation adjusted all-time high for wheat is……..$45 – in 1917.
    The 96 high works back to $10.

  12. 12
    Posted by Anonymous | September 12, 2007 at 2:50 PM

    …and Wheat closed limit down today a good 50 cents off it’s intraday high. Dealbreaker positioning itself to be the new Time Magazine or Sports Illustrated cover curse! Can I have an alert setup next time you point out something being at a record high or low?

  13. 13
    Posted by Natural Gas Traders Hall of Fame | September 12, 2007 at 3:03 PM

    Natural gas price trends tend to lag wheat price trends by about 6 months…..Oh Lordy!
    Actually, its neo-con ag folk who want food as fuel….Wall Street is anxious to help them.
    The same Dickey Don Plower in Pubic, Iowa, who wants more corn for ethanol production, is the same guy who gives Bush et al a “pass” for not capturing OBL by now. Cut and run? Yes. Dems are going to “cut” neo-con admin folk loose and “run” things right.
    Can’t do any worse.

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