January 21, 2009
Washington's wheat storage up 34 percent
The amount of wheat in storage in Washington grew 34 percent on-year to 94.2 million bushels as of December 1, according to a recent report from the National Agricultural Statistics Service (NASS).
Production had increased but prices were relatively weak after harvest, so many farmers were holding onto their wheat for higher prices, said David Knopf, director of the Washington Field Office of the NASS.
Wheat farmer Mike Hamilton said he has stored his wheat due to low prices, but the stocks will decrease once prices go up.
Recent announcements of 1.4 billion bushels in storage nationwide, up 26 percent on-year, lowered prices by about 60 cents, farmers said.
Prices have rebounded to US$6 recently and farmers rushed to sell, causing prices to fall again.
Washington seeded about 1.74 million acres of winter wheat, down about 1 percent from 2008, said NASS.
