From Agora Financial’s 5 Minute Update:
Wheat surged to $6.64 a bushel yesterday, a record high price. And the U.S. Department of Agriculture reported the highest U.S. wheat exporting week since 1996.
“No shock here,” our Maniac Trader Kevin Kerr commented this morning. “Demand in China is skyrocketing, ethanol is pulling more potential ‘food’ out of the market, global harvests were already somewhat lukewarm this year.”
And the wheat fungus we told you about earlier this week “will get worse,” says Kevin. “As this latest fungus damage takes hold, prices will continue to climb. The wheat market is destined for much higher highs.”