This is a rather dire assessment from http://www.marketskeptics.com/ :
My reaction: Last week, I wrote about a hard freeze damaging wheat crops in southern plains. Now we have confirmation of the damage.
1) The Oklahoma Wheat Commission reports that the majority of the state’s crop is damaged.
2) Some fields suffered damage of up to 90 percent.
3) 40 percent of producers don’t have insurance to help cover their losses, which will add up to hundreds of thousands of dollars.
Conclusion: Oklahoma freeze damage should start moving wheat prices higher. Once confirmation of the damage caused to wheat crop by torrential rains in India, wheat prices should surge. That will silence much of the today’s talk of deflation.
Look for Commodity Weakness at RealMoney by TheStreet.com(Fri, Apr 17)