Colorado wheat farmers are benefiting from high grain prices following an average wheat harvest, the Denver Post reported Thursday.

Wheat production statewide was an estimated 83.3 million bushels, which was higher than last year but well below 2010's 105.8 million bushels.

But a drought in the Midwest and the forecast of a weak Russian wheat crop have led wheat futures to rise 26 percent since the end of May, according to the newspaper.

That price surge in wheat will take some disappointment out of this year's average yield, the Post reports.

Read the story here.