The US wheat market broke through the $7 a bushel barrier on Friday afternoon trading and continued that trend in early trading this morning. This will push our price above €200/ton dry and with this Maize that everyone is going to feed being very slow to show up it is also putting upward pressure on Barley prices. Except for wheat this is a short term crisis, which will be alleviated when the harvest in the states is brought in, (IF and only IF it is all got in). Wheat is a different story, Europe was gone through its 3rd harvest with ZERO closing stock, (Ireland and the UK carried over some poor quality grain from last year because it couldn't find a home, but it was all displaced by imports and has all been sold now). The last western state to have any emergency carryover stock, (USA), has seen its end of year stocks fall drastically this year from an already very low base. The western world now has closing stocks of wheat that are less than 1 weeks supply and the EU has less than 1 Day. The wheat market has to explode sometime in the next year or two and I predict wheat prices to go over €350 within the next 2 years.