It's not unusual for the price of corn and soybeans to falter in the fall under the pressure of harvest supplies. But fall can be a time for rallies in the wheat market, when buyers have to be aggressive to lock in supplies.
Not in 2008, however. Any hope for a wheat rally appears to have been pretty much consumed by selling caused by the global economic meltdown. While supplies of milling quality wheat remain fairly tight, buyers are very price sensitive given the uncertain economic outlook. There's a reason why Wal-Mart was one of the few stores reporting a growth in sales for November.
With winter settling in over the U.S., the best producers can hope for now is price stability.
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