CROPS

The general trend in wheat prices, even with $2 per bushel swings, has been negative for nine months since February 2011, from highs at or above $8.67 per bushel. High points in the pattern have been lower than previous highs, and each low has been lower than the previous (book definition of a downtrend). As of Monday, Dec. 19, the leading Chicago wheat contract was trading at $5.84, $2.83 cents lower than the February 2011 high and a new low dating back to July 2010. There was no surprise in this, as the supply of wheat in the world has been steadily increasing. The northern hemisphere (U.S.,...