Five years ago, the spot-month WTI crude oil contract fell to a low of (-$40.32) at expiration, busting the myth that commodity markets had a $0 floor.
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One of the more bearish commodity market structures I've seen in quite some time belongs to HRW wheat.
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My Wednesday morning analysis again focused on HRW wheat, a market I’ve written a great deal about over the last number of months. What is my obsession with HRW? It could be tied to a number of things starting with the fact I grew up on a wheat farm in south-central Kansas, worked in the local elevator where my summers were filled with dumping wheat trucks at harvest (while listening to the Kansas City Royals baseball games on am radio[i]), before moving on to the role of grain merchandiser at an elevator in the center of the Wheat State. There is also the possibility that as I grew into the role of market analyst over the last number of decades, I gained a reputation for always being bearish. While I don’t think this is true, I am fascinated by what makes a market as overwhelmingly bearish as what we see with HRW these days.
