Actually I am optimistic on wheat but it is more a matter of when kicks in. In my opinion, wheat has some challenges to move substantially higher over the spring unless carried for a ride by beans/corn. Summer/next winter is different with the tight supply/demand you talk about critical. Also a highlight that I/others have been optimistic about wheat prices only to be disappointed. It is interesting to look a the growth in oilseed and oilseed product demand versus something pretty flat for wheat with declining per capita consumption offsetting population growth. China is the wild card.
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