Poor world crops (either NAm, Black Sea, China) and price will...

Poor world crops (either NAm, Black Sea, China) and price will trend higher.

Another crop like this year or better and it will be around the same level or a bit lower.

It really is that simple!

Wheat went lower this season because there was ample grain supplies for the world's key end users.

Guessing where price will be in 12 months is about guessing the weather, which is why I'd rather just trade basis.