A drought in the northern U.S. Plains and Canada and strong demand for high protein types of wheat have pushed Minneapolis Grain Exchange spring wheat futures prices to all-time highs.

Rich Nelson, chief Strategist at Allendale, tells Brownfield he thinks there’s still room for spring wheat to move higher, “My numbers are suggesting that the Minneapolis contract will see roughly about $10 (per bushel), so roughly about another $.50 in front of us for that contract specifically.”

Nelson says there’s a limited upside for winter wheat, “Both Chicago and K.C., we looking around $7.45, so only about a dime higher.”

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