1. What Happened to Wheat Prices? Professor Dave Buschena Dept. of Ag. Econ. & Econ

2. What ^ the h Happened to Wheat Prices, And What’s Next ? Professor Dave Buschena Dept. of Ag. Econ. & Econ

3. Wheat Futures Show Weakening in Since Mid-June

4. Some Likely Suspects Wheat Production Increased The Value of the U.S. Dollar Changed Since the Spring The Global Economy is Weakening

5. Some Likely Suspects Wheat Production Increased The Value of the U.S. Dollar Changed Since the Spring The Global Economy is Weakening

6. World Wheat Production and Stocks Increased

7. Production Up in Most Key Exporters

8. U.S. Wheat Production Increased

9. U.S. Wheat of all Classes Increased

10. Some Likely Suspects Wheat Production Increased The Value of the U.S. Dollar Changed Since the Spring The Global Economy is Weakening

11. The Change in the Dollar During the First Half of 2008 was Modest

12. Some Likely Suspects Wheat Production Increased The Value of the U.S. Dollar Changed Since the Spring The Global Economy is Weakening

13. Global Stock Indices Show Weakening in the Last Half of 2008, Particularly in October

14. Wheat Futures Show Weakening in Since Mid-June. Why?

15. What Happened to Wheat Prices? Wheat Production Increased by 10% globally, 20% in the United States. The Value of the U.S. Dollar Changed Since the Spring: There isn’t much support here. The Global Economy is Weakening: This effect is recent, primarily October.

16. The Silver Lining: Results from MSU Ag. Marketing Students Poll Fuel and Fertilizer Prices Should Drop: –Dyed Diesel $2.25-$2.50 –Urea Prices $450/ton –Machinery Prices and Availability Should Moderate. Carry out your own estimates using Excel Calculators from Duane Griffith at MSU: –http://www.montana.edu/softwaredownloadshttp://www.montana.edu/softwaredownloads

17. Price Projections Breakeven Prices Should be at least $1 per bushel lower than in 2007/2008. Below $5 for HRW. Below $6 for HRS. North Central Montana Estimated Prices –Hard Red Winter, 12%: $6.20 –Hard Red Spring, 15%: $7.80