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| In spite of WASDE report I don't think the world is drowning in wheat.
Not in N. America, US and Canada both down, and quality hard to find.
EU is large, but again very poor quality,
Australia average to down, prices there are very good, as are sorghum and feed barley prices.
Ukraine is reported to be large but down 10% from last year.
Argentina is low,
FSU is barely stable, lower than most recent years.
Brazil doesn't matter.
China has had a drought and will only import 3mmt down from 7mmt last year.
India reports a large crop, 3rd year in a row, but will only export .5 to .333 of each oflast 3 years, hmmm.
Numbers from indexmundi.
There is a huge demand for feed grains given meat prices worldwide.
Good luck on quality durum.
And finally ending stocks on all grains are not burdensome, possibly 20% or 73 day supply. Possibly not even that much, there needs to be a carrot for next year.
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? how low is low
