How low can wheat go?, page-57

Yes. Was just addressing the store of wealth comments, which doesn't tend to happen. If we want to move on to global demand, not so much about the marginal wheat eater but the feed requirements for beasts to provide meat for the emerging middle-class into Chindia + Indo. Of course global demand is rising but it's impossible to know how infrastructure and technology in second and third world countries will cover that demand with increased supplies. Also impossible to know what gene technology will do to increase plantable area (particularly in semi-arid regions) and yields. There is some amazing research going on behind the scenes.

More to the point though, I'm not sure how anyone will get the timing with any of this bang-on to actually turn a profit. This is why anyone serious about making money on grain is either investing in infrastructure or value-add operations or short-term trading in the case of hedge funds, rather than taking long term punts. Glencore know where it's at, look at what they've done with Viterra and what they're doing in the Black Sea.