Trading Markets- "What is the true price of wheat?" asked Tippens, president and chief executive officer of Canadian State Bank. "I don’t think anybody knows."
Certainly, it’s not $10.68, Tippens said. Or it wouldn’t be at that level without billions of dollars from hedge funds that have artificially caused the price to soar since the first of the year, he said.
For instance, one year ago the price of the July 2007 wheat contract on the Kansas City market was $4.88 a bushel. Two years ago on the same day it was $4.05 for a July 2006 contract.
