09/21/07 Wheat futures, part two

The US has wheat, many other countries do not. With worldwide stocks at such low levels the buyers are looking to America for wheat purchases, even with record high prices. PATTERSON "We do have the supplies. From a weak dollar standpoint we're a better pricing opportunity, market than we have been in the past." University of Idaho agriculture economist Paul Patterson didn't foresee nine dollar a bushel wheat prices. The volatility in the futures market for awhile. PATTERSON "During harvest soft white to Portland was six and a half to seven dollars and my comment to growers was just to sell it off the combine. We if they had held it, you think was that good advice or not." Patterson says farmers have to take advantage of the situation, not only for wheat for but with other commodities that are bringing good returns. He recalls a conversation he had with a potato grower years ago. PATTERSON "He said it's not the bad years that get us into trouble. He said it's the good price years. He said that's when we make stupid decisions." He says when times are tough producers push the pencil and maintain a tight fiscal ship. He says now is the time for farmers to continue doing that and to pay down debt, upgrade equipment for long term use and put money away for the next down time. Voice of Idaho Agriculture Bill Scott