Even so, in contrast to only ten years ago, the firms operating in Kansas City today are largely the same as those trading soft red winter wheat at the Chicago Board of Trade and spring wheat at the Minneapolis Grain Exchange.

ECONOMIST: Grains of truth

Both countries can enjoy more bikes and more wheat if they trade on terms at which both will gain.

ECONOMIST: A short tour of economic theory

Dooley (45) was a commodities trader for MF Global in February 2008 when he placed a wrong-way trade on wheat.

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The day after the quotas were announced, China cancelled a trade mission to the United States to buy American cotton, wheat and soyabeans.

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The two Asian giants are demanding more food (and more types of food), but so far their own farmers have largely satisfied that, so they have not needed to trade much (though that would change dramatically if China were to import wheat this year).

ECONOMIST: The future of food

Sugar, wheat, corn, you name it, and it has probably seen some very bullish trade this year, but every pundit and his sister is forecasting higher food prices in 2011.

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