The Money Farm market analyst Mike Krueger is watching to see how high spring wheat prices can go. “I’m hearing people talking about $10 September or December Minneapolis wheat futures, but that will depend on how the crops in other parts of the world fare. Also, how serious the situation will get in Canada,” says Krueger. “We have lots of winter wheat. I think more of that will go to feed channels. With the small spring wheat crop, I think we’ll work off more of the hard red winter wheat surplus than folks thought.” In the next two months, Krueger thinks the wheat complex will stabilize and then, get stronger. “It’s possible we see wheat taking over as the price leader for a little bit, the first time that’s happened for a few years.”
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