Minneapolis wheat breaks $10

Allendale's long term upside projection for Minneapolis wheat, 1000, was filled today. We started discussing clear upside price targets in late July based on our wheat by-class stocks/use pricing models. In our view, today's accomplishment of the goal is not from today's or this week's news. It is where the "invisible hand" would have suggested it based on long term supply/demand factors. Today's Minneapolis wheat trade was a strong push to new contract highs, a new high close and a new high close near the highs of the day session.

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