Wheat (ZW, CBOT): A measure of grain is a measure of gold

In eight weeks, Chicago wheat has lost its entire September “Black Sea” premium: Russia has allowed grain ships to leave the Sea of Azov for the first time since July, and Moscow is discussing safe passage for vessels with Ankara. But the fundamentals haven’t changed: Russian exports are at a five-year low, and global grain trade is contracting. And if we measure wheat in terms of gold, a half-century chart reveals a picture that occurs only once in a generation. Let’s take a look at what has changed since September and what has remained the same.