Prices for wheat shipped through Portland have fallen sharply from their peak in early 2008. Yet they are still well above depressed levels prior to late 2006 when global shortages began boosting prices. Soft white wheat went from $3.46 per bushel in January 2006 to $14.33 two years later, dropping back to $4.67 this October. Oregon wheat production rose to 52.6 million bushels in 2008, creating a record crop value of $359 million. But with production and prices both down, wheat’s value will likely decline this year.