World Wide Wheat Shortage?
Russian drought news has been the dominant factor in the grain market this summer. Wheat prices began to rally in early June as commercial traders fully supported the lows around $4.50 while
accumulating a net long position of over 80,000 contracts. At this time, the Russian drought news began to hit the wires. The month of July was fueled by the daily weather reports across Europe as
this turned out to be the worst drought in 50 years. Wheat prices sky rocketed to $8.41 by August 6th and have since been in a trading range between $6.45 and …