Wheat is the story for the grain markets as the December Minneapolis wheat contract moves past $10. “It looks like the grain markets are signaling they want more wheat acres,” said Tom Lilja, market analyst, Progressive Ag Marketing. With the $10 spring wheat, Lilja is getting flashbacks to 2007 and 2008. “Europe had a disaster crop and the U.S. had horrible production. There was a big spike in the wheat complex with Minneapolis futures running up to $20 per bushel. It’s hard to imagine something like that could happen again, but never say never.”
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