Nebraska wheat prices could portend $6/bbl crude oil

There isn't an actual relationship between oil and wheat prices, but in Nebraska, they're both headed down in lockstep. William Sydow, director of the Nebraska Oil & Gas Conservation Commission, Sidney, Neb., said that, out of curiosity, the commission examined trends in oil and agricultural prices together this fall, "since both of the industries are in serious peril. "The analysis found an incredible relationship between the prices of the two products. The price of oil has responded in a similar fashion to wheat prices, but the oil price responds 6 months later." Price correlation Sydow said, "Mathematical analyses of the cash prices found that a linear relations...

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