Gann, I would suggest that wheat ultimately correlates with oil, although there is about a six months time lag. Wheat is effectively energy...
"An MIT press report suggests that the cumulative energy that goes into production and distribution of wheat (3.1 – 4.9 million joules/kg), corn (1.99 – 2.66 MJ/kg), and soyabean (1.98 -2.04 MJ/kg) suggests that wheat is an energy-intensive crop".
North American wheat farmers are not charity houses. Only one way for wheat prices from here in the longer term.
