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According to the USDA's National Agricultural Statistical Service's most recent estimates (released 11/9/12), the USA produced approximately 2,269,117,000 bushels of wheat in crop year 2012, which ended in July.
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What is the 1920 wheat penny worth in 2012?
It will be worth the same amount as it was in 2011. See the related question below.
Causes for Wheat Prices Increasing?
Over the past few years, the economy has had to deal with rising oil prices, tightened credit markets, and poor international economies. While all of these issues have slowed the economy, one issue that could create even more of a problem for people is the rising wheat prices. Wheat prices have continued to increase over the past six months. The increase in wheat is attributed to several factors. A primary reason why wheat prices have continued to increase has been that they are influenced by increasing demand. The overall population in the United States and across the world has continued to increase. What this has led to is a higher demand for wheat and other grains. At the same time, wheat has continued to be the grain of choice for health and fitness enthusiasts, which has made it an even higher demand grain. Beyond being used by people directly, wheat is also frequently served to farm animals, such as cows and pigs, which are then used to produce more food. Another key reason why wheat prices have continued to increase this year has been the hot weather. During the summer of 2012, temperatures reached an all-time high in the Midwest United States. At the same time, that aare of the country received much less rain than it typically does. This resulted in a significant drought, which prevented farmers from producing as much wheat as they normally would, and the wheat that is produced tended to be produced for a higher expense due to chemicals needed to treat it. This decreased supply, when coupled with the increased demand, has caused a much higher overall price for wheat. The third cause for the increasing wheat prices has been speculation in the market place. Wheat, corn, and other grains are traded as commodities on the open market. While the marketplace does a good job of preventing wild fluctuations in wheat prices, the recent speculation of wheat has led to vastly increasing prices. Traders of wheat have continued to predict that demand will continue to remain high and that the droughts across the country will continue, which will continue to result in higher wheat prices.
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