Wheat Prices Surge But Leave Farmers Struggling with Costs

U.S. wheat prices have surged to $6.45 per bushel in 2026, up from about $4 a year ago, due to drought and shrinking supplies that have pushed national production towards its lowest level since 1971.

However, Montana farmers harvesting this August say the rally is barely translating into profits because fertilizer, diesel, machinery, and labor remain historically expensive.

Tryg Koch, a farmer in Montana's Flathead Valley, told the Flathead Beacon that his cost of production is around $6 per bushel, leaving little margin at current wheat prices.

Koch's combine can harvest about 10 acres and as much as 900 bushels per hour but consumes roughly 100 gallons of fuel and costs about $400 per day to operate during harvest.