WICHITA, Kan. — A global drought in major wheat-producing countries coupled with the lowest world grain stocks in a quarter century are fueling rising wheat prices amid predictions of shortages, farm economists said.

"It has been a steady climb," Mike Woolverton, a grain marketing economist at Kansas State University said Thursday, adding that he expects prices to continue rising.

Among the latest indicators is a 10-day forecast for the Great Plains showing hot and dry weather, he said.

Wheat prices have surged to well over $5 a bushel on major commodity exchanges since the Agricultural Statistics Service released its forecast last week for the nation's winter wheat crop, down 12 percent to 1.32 billion bushels.

Hard red winter wheat, the premier wheat used to make bread, is forecast to be down 23 percent.

The last time wheat prices surpassed $5 a bushel was 2002.

But not since the winter of 1995-96 have prices stayed at that level or higher for months, said Terry Kastens, an agricultural economist at Kansas State University.