Wheat farmers are harvesting their crop in Washington, but are selling it for prices at or below what it costs to produce.
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, while 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 percent increase in wheat production from the July report. That caused wheat prices to drop on Monday and Tuesday.
The news comes as wheat farmers are also dealing with the effects of the escalating trade war between the U.S. and China. (AP)
