Wheat, the world-feeding crop whose shortage was Pharaoh’s nightmare, is now at such a global surplus that last month its price was less than two-thirds its level in 2008.
Having rebounded in recent days to $4.05 per bushel from $3.62 last month, one might think that the commodity, which last June cost $5.07 per bushel and in February 2008 peaked at $11.94 is U-turning from glut to crunch. It isn’t.
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