“The challenge of double-cropping beans is whether you have enough moisture to get them up when you finish wheat,” Sneed said.

Brian Williams, an Extension agricultural economist, said double-cropping allows producers to increase their per-acre profit in two ways.

“They can spread their fixed costs, such as taxes, machinery and land, over two crops, and revenues are increased from selling two crops off the same land in the same year,” Williams said. “There is some risk to double-cropping, mainly that the soybean crop could fail in a drought, but the benefits tend to outweigh the risks.”

Williams said current cash prices for wheat are between $8.07 and $8.32 a bushel. Contract prices for May/June 2013 are between $8.22 and $8.44 per bushel.

“Compared to a year ago, wheat prices are about $1 a bushel higher and nearly $2 a bushel higher than they were in early summer,” Williams said. “Prices have been holding relatively steady between $8 and $8.50 a bushel for the last few months.”

One factor driving prices is the stronger overseas market. Russia, Australia and the European Union are seeing lower production this year because of ongoing drought. The prices of other commodities are also impacting wheat prices.

“In many parts of the country, wheat is in direct competition with corn and soybeans for acres, so as prices of other commodities increase, wheat prices also have to increase to keep from losing acres to other crops,” Williams said.